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In the process of liquidation, a partnership firm sells its non-cash assets of a book value of $49,000, for $78,000. Which of the following will

In the process of liquidation, a partnership firm sells its non-cash assets of a book value of $49,000, for $78,000. Which of the following will be included in the entry to record the sale of assets at liquidation?

Gain on Disposal will be debited by $29,000.

B. Gain on Disposal will be debited by $78,000.

C. Gain on Disposal will be credited by $29,000.

D. Gain on Disposal will be credited by $78,000

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