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How much was the loss from the realization of noncash asset

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Problem 1: On January 1, 2020, NCT Partnership entered into liquidation. The partners' capital balances on this date were as follows: N (25%) $2,500,000; C (35%) $5,400,000; T (40%) $3,700,000. The partnership has liabilities amounting to $4,400,000, including a loan from C $600,000. Cash on hand before the start of liquidation is $800,000. Assuming all partners are solvent. If C received $2,255,000, How much was the loss from the realization of the noncash assets?

Option a. $3,145,000

Option b. $10,700,000

Option c. $8,985,714

Option d. $10,525,000

Reference no: EM132796104

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