Griffin and rhodes formed a partnership on january 1, 2009. griffin contributed cash of $120,000 and rhodes contributed land with a fair value of $160,000. the partnership assumed the mortgage on the land which amounted to $40,000 on january 1. rhodes originally paid $90,000 for the land. on july 31, 2009, the partnership sold the land for $190,000. assuming griffin and rhodes share profits and losses equally, how much of the gain from sale of land should be credited to griffin for financial accounting purposes?
a. $0
b. $15,000
c. $35,000
d. $45,000

Reynolds corp. factors $400,000 of accounts receivable with mateer finance corporation on a without recourse basis on july 1, 2015. the receivables records are transferred to mateer finance, which will receive the collections. mateer finance assesses a finance charge of 1 ½ percent of the amount of accounts receivable and retains an amount equal to 4% of accounts receivable to cover sales discounts, returns, and allowances. the transaction is to be recorded as a sale.required: a. prepare the journal entry on july 1, 2015, for reynolds corp. to record the sale of receivables without recourse.b. prepare the journal entry on july 1, 2015, for mateer finance corporation to record the purchase of receivables without recourse— think through this.c. explain the difference between sale of receivables with recourse as oppose to without recourse.