A partnership is formed by two individuals who were previously sole proprietors. Property other than cash which is part of the initial investment in the partnership would be recorded for financial accounting purposes at the
A: Proprietors book values or the fair value of the property at the date of the investment, whichever is higher.
B: Proprietors book values or the fair value of the property at the date of the investment, whichever is lower.
C: Proprietors book values of the property at the date of the investment.
D: Fair value of the property at the date of the investment.
