Business, 24.10.2019 23:43 jagger68

Griffin and rhodes formed a partnership on january 1, 2009. griffin contributed cash of
$120,000 and rhodes contributed land with a fair value of $160,000. the partnership assumed
the mortgage on the land which amounted to $40,000 on january 1. rhodes srcinally paid
$90,000 for the land. on july 31, 2009, the partnership sold the land for $190,000. assuming
griffin and rhodes share profits and losses equally, how much of the gain from sale of land
should be credited to griffin for financial accounting purposes?
a. $0
b. $15,000
c. $35,000
d. $45,000

Answers: 1

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Griffin and rhodes formed a partnership on january 1, 2009. griffin contributed cash of
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