Answer :
Total assets for the partnership: $537,000. Total partnership capital account: $409,000. Fontaine's net investment: $228,000. Monroe's net investment: $181,000.
To determine the amounts recorded for total assets and total partnership capital account in the partnership between Fontaine and Monroe, let's break down the investments and their impact on the financials:
1. Fontaine's Investment:
- Building: The market value of the building is $356,000, which becomes the initial value of the building asset recorded on the partnership's balance sheet.
- Note Payable: Fontaine has a $128,000 note payable, which represents a liability of the partnership. This amount will be recorded as a payable on the balance sheet.
2. Monroe's Investment:
- Cash: Monroe invests $103,000 in cash, which becomes part of the partnership's total assets. This amount will be recorded as a cash asset on the balance sheet.
- Equipment: The market value of the equipment is $78,000, and this value will be recorded as an asset on the balance sheet.
Now, let's calculate the total assets and total partnership capital account:
Total Assets:
The total assets of the partnership are the sum of the individual assets contributed by each partner. In this case, we have:
Total Assets = Building + Cash + Equipment
= $356,000 + $103,000 + $78,000
= $537,000
Total Partnership Capital Account:
The partnership capital account represents the net investment of each partner after deducting any liabilities. In this case, we have:
Fontaine's Net Investment = Building - Note Payable
= $356,000 - $128,000
= $228,000
Monroe's Net Investment = Cash + Equipment
= $103,000 + $78,000
= $181,000
Total Partnership Capital Account = Fontaine's Net Investment + Monroe's Net Investment
= $228,000 + $181,000
= $409,000
Therefore, the amounts recorded for the total assets and total partnership capital account are:
Total Assets = $537,000
Total Partnership Capital Account = $409,000
These figures represent the financial position of the partnership based on the investments made by Fontaine and Monroe.
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