Answer:
correct option is B. $15,000
Explanation:
given data
contributed cash = $120,000
Fair Value of land = $160,000
originally paid = $90,000
Sale value of land = $190,000
to find out
how much of the gain from sale of land should be credited to Griffin for financial accounting purposes
solution
gain on sale is here as
gain on sale = Sale value of land - Fair Value of land -
Gain on sale of land = $190,000 - $160,000
Gain on sale of land = $30000
split the $30000 between the equal partners for a total gain credited to Griffin
total gain credited to Griffin = $15000
so correct option is B. $15,000
