Harvey and Quick have decided to form a partnership. Harvey is going to contribute a depreciable asset to the partnership as his equity contribution to the partnership. The following information regarding the asset to be contributed by Harvey is available: Historical cost of the asset$76,000Accumulated depreciation on the asset$40,000Note payable secured by the asset*$18,000Agreed-upon market value of the asset$45,000 *will be assumed by the partnershipBased on this information, Harvey's beginning equity balance in the partnership will be:
A. $36,000
B. $27,000
C. $76,000
D. $18,000
E. $45,000
Answer: B
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