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Answer :
Final answer:
The total assets recorded for the partnership are $509,000, and the total partnership capital account is $530,000.
Explanation:
In this partnership, Fontaine invests a building with a market value of $342,000 and a $121,000 note payable. Monroe invests $96,000 in cash and equipment with a market value of $71,000.
To calculate the total assets, we need to add up the value of all the assets contributed by both partners. Fontaine's building has a market value of $342,000, and Monroe's cash and equipment have a market value of $96,000 + $71,000 = $167,000.
Therefore, the total assets recorded for the partnership would be $342,000 + $167,000 = $509,000.
To calculate the total partnership capital account, we need to consider the partners' investments. Fontaine's investment includes the building with a market value of $342,000 and the $121,000 note payable. Monroe's investment includes $96,000 in cash and $71,000 in equipment.
Therefore, the total partnership capital account would be Fontaine's investment ($342,000 + $121,000) + Monroe's investment ($96,000 + $71,000) = $530,000.
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