PROBLEM /. UV, PX, and TG are partners who share profits and losses as follows: UV 45%, PX 15% a Statement of Financial Position of VXG Partnership as of December 31, 2012 is given be VXG Partnership Statement of Financial Position As of December 31, 2012 Assets Liabilities and Equity Cash P268,000 Liabilities Noncash Assets 1,940,000 Loan from PX UV, Capital PX, Capital TG, Capital Total assets PP2,208,000 Total Liabilities & Equity On January 1, 2013, the partners decided to liquidate. For the month of January, some at a gain of P56,000. Payment to partner PX from the initial sale of assets was P181,400 for possible liquidation expenses and unrecognized liabilities amounted to P146,800. Which of the following statements is false? A. The book/carrying value of the noncash assets sold in January amount to P642 B. Payment to partner UV from the initial sale of assets was P44,200 C. The share of TG in the maximum possible loss is P600,000 D. The total amount of cash paid and distributed for the month of January is P764