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?

Answer rating: 100% (QA)

To determine the loss from the realization of the noncash assets we need to calculate the total valu... View the full answer