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The Abrams, Bartle, and Creighton Partnership Began the Process of Liquidation

question 42

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The Abrams, Bartle, and Creighton partnership began the process of liquidation with the following balance sheet:  Cash $16,000 Liabilities $150,000 Noncash assets 434,000 Abrams, capital 80,000 Bartle, capital 90,000 Creighton, capital 130,000 Total $450,000 Total $450,000\begin{array} { l l l r r } \text { Cash } & \$ 16,000 & & \text { Liabilities } & \$ 150,000 \\\text { Noncash assets } & 434,000 & & \text { Abrams, capital } & 80,000 \\& & & \text { Bartle, capital } & 90,000 \\& & & \text { Creighton, capital } & 130,000 \\\text { Total } & \underline { \$ 450,000 } & & \text { Total } & \$ 450,000 \\\hline \hline\end{array}
Abrams, Bartle, and Creighton share profits and losses in a ratio of 3:2:5. Liquidation expenses are expected to be $12,000.
After the liquidation expenses of $12,000 were paid and the noncash assets sold, Creighton had a deficit of $8,000. For what amount were the noncash assets sold?


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