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Henry Jones contributed equipment, inventory, and $58,300 cash to the partnership. The equipment had a...

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Accounting

Henry Jones contributed equipment, inventory, and $58,300 cash to the partnership. The equipment had a book value of $25,000 and market value of $33,500. The inventory had a book value of $50,800, but only had a market value of $11,500 due to obsolescence. The partnership also assumed a $13,400 note payable owed by Henry that was originally used to purchase the equipment.

What amount should be recorded to Henry's capital account?

$147,500

$89,900

$129,200

$120,700

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\table[[\table[[Vaughn Inc.],[Balance Sheets]]],[,Dec. 31,2025,Jan. 1,2025,Inc./Dec.],[Assets,,,,],[Cash,$44,100,$12,740,$31,360,Inc.],[Accounts receivable,89,180,86,240,2,940,Inc.],[Equipment,38,220,21,560,16,660,Inc.],[Less: Accumulated depreciation-equipment,16,660,10,780,5,880,Inc.],[Total,$154,840,$109,760,,],[Liabilities and Stockholders' Equity.,,,,],[Accounts payable,$19,600,$14,700,$4,900,Inc.],[Common stock,98,000,78,400,19,600,Inc.],[Retained earnings,37,240,16,660,20,580,Inc.],[Total,$154,840,$109,760,,]] ...

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