Andy and Ian Formed a Partnership on April 1, 2015

Andy and Ian formed a partnership on April 1, 2015. Andy contributes equipment, purchased at a price of $85,000 on April 1, 2014, to the business. The accumulated depreciation of the equipment is $15,000. The current market value of the equipment is $75,000. The value of the equipment recorded in the partnership journal is ________.

A) $70,000
B) $75,000
C) $60,000
D) $85,000