On November 1,2008,Miller and Reising Formed a Partnership

Multiple Choice

On November 1,2008,Miller and Reising formed a partnership.Miller contributed land valued at $90,000 and a building valued at $115,000.Reising contributed $90,000 cash.In addition,the partnership assumed responsibility for Miller's $85,000 mortgage payable associated with the land and building.What are the balances of the partners' capital accounts after these transactions have been recorded?

A) Miller: $120,000; Reising: $90,000
B) Miller: $205,000; Reising: $90,000
C) Miller: $105,000; Reising: $105,000
D) Miller: $90,000; Reising: $120,000
E) Miller: $90,000; Reising: $205,000