Bagley Invests Personally Owned Equipment Which Originally Cost $220000 and Has

Bagley invests personally owned equipment which originally cost $220000 and has accumulated depreciation of $60000 in the Bagley and Eggers partnership. Both partners agree that the fair value of the equipment was $120000. The entry made by the partnership to record Bagley's investment should be a.
$\begin{array}{llr} \text { Equipment} &220,000\\ \text {Accumulated Depreciation-Equipment } &&60,000\\ \text { Bagley, Capital} &&160,000\end{array}$

b.
$\begin{array}{llr} \text {Equipment } &160,000\\ \text { Bagley, Capital} &&160,000\\\end{array}$

c.
$\begin{array}{llr} \text {Equipment } &120,000\\ \text { Loss on Purchase of Equipment } &40,000\\ \text { Accumulated Depreciation-Equipment} &60,000\\ \text { Bagley, Capital } &&220,000\end{array}$

d.
$\begin{array}{llr} \text { Equipment } &120,000\\ \text {Bagley, Capital } &&120,000\\\end{array}$