Griffin and Rhodes formed a partnership on January 1,20X9.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 originally paid $90,000 for the land.On July 31,20X9,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?

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The Answer of Griffin and Rhodes formed a partnership on January 1,20X9.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 originally paid $90,000 for the land.On July 31,20X9,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?

Griffin and Rhodes Formed a Partnership on January 1,20X9