Abbott and Brown form a partnership. Abbott contributes $10,000 cash and merchandise inventory with a current market value of $40,000. Brown contributes $5,000 in cash and land with a current market...

Abbott and Brown form a partnership. Abbott contributes $10,000 cash and merchandise inventory with a current market value of $40,000. Brown contributes $5,000 in cash and land with a current market value of $30,000 (cost of $15,000). Which of the following is correct?

a. Brown, Capital is credited for $20,000.

b. Brown, Capital is credited for $35,000.

c. Brown, Capital is debited for $20,000.

d. Brown receives a bonus of $30,000 from Abbott.