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Part $1$

The book value of the$$ non$-$cash assets of the

Upper BBUpper SSUpper TT

partnership is

$ $180$ comma $000$$$180,000.$

In$$ liquidation, the partnership sells the$$ non$-$cash assets for

$ $255$ comma $000$$$255,000.$

Partners

Upper BB$,$

Upper SS$,$

and

Upper TT

split profits equally. How should the partnership account for the sale of the$$ non$-$cash assets?

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Part $1$

A$.$

Increase each of the$$ partners' capital accounts by $ $25$ comma $000$$$25,000$

B$.$

Credit the$$ non$-$cash assets for $ $180$ comma $000$$$180,000$

C$.$

Debit cash for $ $255$ comma $000$$$255,000$

D$.$