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How much were the noncash assets sold for

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Question - LAM, KO and TO share profits and losses as follows: LAM 20%, KO 30%, and TO 50%. The partnership's Statement of Financial Position as of December 31, 2020 is presented below: Cash - P410,400; Noncash Assets - P2,028,600; Liabilities - P690,750; Loan from KO - P67,500; LAM, Capital - P270,000; KO, Capital - P398,250; TO, Capital - P1,012,500. The partners decided to liquidate on January 2, 2021. All partners are personally solvent except for LAM. If TO received P236,250 for her interest, how much were the noncash assets sold for?

a. P476,100

b. P516,600

c. P1,512,00

d. P1,552,500

Reference no: EM133172204

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