Fontaine and Monroe are forming a partnership. Fontaine invests a building that has a market value of $250,000; the partnership assumes responsibility for a $75,000 note secured by a mortgage on the property. Monroe invests $100,000 in cash and equipment that has a market value of $55,000. For the partnership, the amounts recorded for total assets and for total capital account are:

Total assets = $405,000

Total capital = $330,000

Explanation:

Capital = Assets - Liabilities

= $250,000 - 75,000

= $175,000

Therefore, the capital is $175,000

Particulars    Assets    Liabilities   Capital

Building       250,000     75,000     175,000

Cash             100,000           -           100,000

Equipment    55,000            -            55,000

Total              405,000    75,000     330,000

answerplace value;