Why was equipment ignored in the calculation? Any tips to remeber when allocating partnership capital and converting to a corp?

CPA-00742 The condensed balance sheet of Adams & Gray, a partnership, at December 31. Year 1. follows: Current assets $ 250,000 Equipment (net) 30,000 Total assets $ 280,000 Liabilities 20.000 Adams, capital 160,000 Gray, capital 100,000 Total liabilities and capital $ 280,000 On December 31, Year 1, the fair values of the assets and liabilities were appraised at $240,000 and $20,000, respectively, by an independent appraiser. On January 2, Year 2, the partnership was incorporated and 1,000 shares of $5 par value common stock were issued. Immediately after the incorporation, what amount should the new corporation report as additional paid-in capital