The partnership of Abel and Caine was formed on February 28, 2014.At that date the following assets were invested: $$\begin{array} { l c c }
& \text { Abel } & \text { Caine } \
\text { Cash } & \$ 120,000 & \$ 200,000 \
\text { Merchandise } & - 0 - & 320,000 \
\text { Building } & - 0 - & 840,000 \
\text { Furniture and equipment } & 200,000 & - 0 -
\end{array}$$ The building is subject to a mortgage loan of $280,000, which is to be assumed by the partnership.The partnership agreement provides that Abel and Caine share profits or losses 30% and 70%, respectively.Caine's capital account at February 28, 2014, should be

Question

The partnership of Abel and Caine was formed on February 28, 2014.At that date the following assets were invested: $$\begin{array} { l c c } 
& \text { Abel } & \text { Caine } \
\text { Cash } & \$ 120,000 & \$ 200,000 \
\text { Merchandise } & - 0 - & 320,000 \
\text { Building } & - 0 - & 840,000 \
\text { Furniture and equipment } & 200,000 & - 0 -
\end{array}$$ The building is subject to a mortgage loan of $280,000, which is to be assumed by the partnership.The partnership agreement provides that Abel and Caine share profits or losses 30% and 70%, respectively.Caine's capital account at February 28, 2014, should be

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The Answer of The partnership of Abel and Caine was formed on February 28, 2014.At that date the following assets were invested: $$\begin{array} { l c c } 
& \text { Abel } & \text { Caine } \
\text { Cash } & \$ 120,000 & \$ 200,000 \
\text { Merchandise } & - 0 - & 320,000 \
\text { Building } & - 0 - & 840,000 \
\text { Furniture and equipment } & 200,000 & - 0 -
\end{array}$$ The building is subject to a mortgage loan of $280,000, which is to be assumed by the partnership.The partnership agreement provides that Abel and Caine share profits or losses 30% and 70%, respectively.Caine's capital account at February 28, 2014, should be

The Partnership of Abel and Caine Was Formed on February