Edwin and Darren Have Decided to Form a Partnership

Multiple Choice

Edwin and Darren have decided to form a partnership.Edwin contributes $80,000 cash and merchandise inventory with a current market value of $17,000.Darren contributes $2400 cash and office furniture with a current market value of $3200.When journalizing these transactions ________.

A) Office Furniture will be debited for $1070
B) Office Furniture will be credited for $3200
C) Office Furniture will be debited for $3200
D) Office Furniture will be credited for $1070