Fontaine and Monroe are forming a partnership. Fontaine invests a building that has a market value of $368,000; the partnership assumes responsibility for a $134,000 note secured by a mortgage on the property. Monroe invests $109,000 in cash and equipment that has a market value of $84,000. For the partnership, the amounts recorded for total assets and for total capital account are: Multiple Choice Total assets $561,000; total capital $561,000. Total assets $695,000; total capital $695,000. Total assets $427,000; total capital $561,000. Total assets $561,000; total capital $427,000. Total assets $427,000; total capital $427,000.

scenario: hawaii and south carolina are trading partners. hawaii has an absolute advantage in the production of both coffee and tea. the opportunity cost of producing 1 pound of tea in hawaii is 2 pounds of coffee, and the opportunity cost of producing 1 pound of tea in south carolina is 1/3 pound of coffee. which of the following statements is true? a. south carolina should specialize in the production of both tea and coffee. b. hawaii should specialize in the production of tea, whereas south carolina should specialize in the production of coffee. c. hawaii should specialize in the production of coffee, whereas south carolina should specialize in the production of tea. d. hawaii should specialize in the production of both tea and coffee.