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Question - Bonnie and Clyde enters into a partnership agreement in which Bonnie is to have 40% interest in the partnership and 35% in the profits and losses, while Clyde will have 60% interest in the partnership and 65% in the profits and losses. Bonnie contributed the following:
Cost
Fair value
Building
235,000
255,000
Equipment
168,000
156,000
Land
500,000
525,000
The building and the equipment has a mortgage of 50,000 and 35,000 respectively. Clyde is to contribute 150,000 cash and equipment. The partners agreed that only the building mortgage will be assumed by the partnership.
Required - How much is the total asset of the partnership upon formation?
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