Answer:
$362,000 building and $231,000 in Fontaine's capital account
Explanation:
Fontaine and Monroe are forming a partnership
Fontaine invests a building that has a market value of $362,000
The partnership assumes responsibility of $131,000 note
Monroe invests $106,000 in both cash and equipment
The market value is $81,000
Therefore, since the building has a market value of $362,000 then, the amount that is recorded for the building is $362,000
The amount recorded for Fontaine's capital account can be calculated as follows
= $362,000-$131,000
= $231,000
Hence the amount recorded in the building and Fontaine's capital account is $362,000 and $231,000 respectively
