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Answer :
Final answer:
The amount recorded for Fontaine's capital account in the partnership is $222,000.
Explanation:
In this scenario, Fontaine contributes a building with a market value of $344,000 and a $122,000 note payable. Monroe contributes $97,000 in cash and equipment with a market value of $72,000.
To determine the amount recorded for Fontaine's capital account, we need to subtract the note payable from the market value of the building. This gives us:
Market value of the building - Note payable = $344,000 - $122,000 = $222,000
Therefore, the amount recorded for Fontaine's capital account in the partnership is $222,000.
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