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The Abrams, Bartle, and Creighton partnership began the process of liquidation with the following balance sheet:

Abrams, Bartle, and Creighton share profits and losses in a ratio of 3:2:5. Liquidation expenses are expected to be $12,000.

After the liquidation expenses of $12,000 were paid and the noncash assets sold, Creighton had a deficit of $8,000. For what amount were the noncash assets sold?

A. $170,000.

B. $264,000.

C. $158,000.

D. $146,000.

E. $185,000.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M946500

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