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How much was the carrying amount of non-cash asset

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Problem 1: On January 1, 20x1, A and B decided to liquidate their partnership. As of this date, their capital balances were $400,000 and $800,000, respectively. The partners share profits and losses on a 60:40 ratio. Before liquidation, the partnership had $80,000 cash and $120,000 liabilities. The partnership incurred loss of $480,000 on the sale of non-cash assets. A is solvent but B is insolvent. How much was the carrying amount of the non-cash assets?

Reference no: EM132784203

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