A partner invests into a partnership a building with a $50,000 carrying value and $40,000 fair market value. The related mortgage payable of $25,000 is assumed by the partnership. The entry to record the investment in partnership is:
A) Building 50,000 Mortgage Payable 25,000Capital 25,000
B) Building 40,000 Mortgage Payable 25,000Capital 15,000
C) Building 50,000 Loss 10,000Mortgage Payable 25,000Capital 35,000
D) Capital 50,000 Loss 10,000Mortgage Payable 25,000Building 35,000
B
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