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Problem 1: Anna, Bobby, and Gerry are partners who have capital balances of $480,000, $500,000 and $180,000 respectively. Profit or loss is distributed in the ratio of 4:2:1. Bobby received $260,000 as a result of liquidating the partnership when 60% of the noncash assets of the partnership is realized. The partnership has total assets totaling to $500,000 including $50,000 cash before liquidation. The partnership also incurred $35,000 liquidation expenses and withheld $28,000 for the unpaid liabilities of the partnership. How much is the loss on realization of noncash assets?
Option 1: 632,000Option 2: 875,000Option 3: 855,000Option 4: 612,000
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