On July 1, 2019, Mary and Jane formed a partnership, agreeing to share profits and losses in the ratio of 4:6, respectively. Mary invested a parcel of land that cost her $40,000. Jane invested $50,000...

On July 1, 2019, Mary and Jane formed a partnership, agreeing to share profits and losses in the ratio of 4:6, respectively. Mary invested a parcel of land that cost her $40,000. Jane invested $50,000 cash. The land was sold for $60,000 on July 1, 2019, four hours after formation of the partnership. How much should be recorded in Mary’s capital account on formation of the partnership?

(a) $8,000

(b) $24,000

(c) $60,000

(d) $20,000