PROBLEM: The Mahoney Partnership is being liquidated. The beginning balance in each of the four partners accounts are as follows: Partner A - $30,000 (junior partner) (Owns 1/11 of the company] Partner B - $60,000 (junior partner) (Owns 2/11 of the company] Partner C-$120,000 (Owns 4/11 of the company] Partner D-$120,000 (Owns 4/11 of the company] Cash before any sales of assets was $230,000 Unpaid liabilities before any sales of assets were $10,000 The partnership owned a Patent that was sold for $660,000. The book value of the Patent was $110,000 . . ANSWER the following questions by selecting one answer only and circling your answer from the choices below: 1) What was the gain or loss on the sale of non-cash assets? 2) What was the total amount of cash distribution to Partner A in this liquidation? 3) What was the share of the gain or loss on the sale of the Patent that was allocated to Partner C? ZUWCTIES $80,000 $100,000 $110,000 $120,000 $200,000 $320,000 $550,000 Gain $550,000 Loss $890,000 None of the Above