Sedgwick Company at December 31 has cash $20,000, noncash assets $100,000, liabilities $55,000, and the following capital balances: Floyd $45,000 and DeWitt $20,000. The firm is liquidated, and $97,000 in cash is received for the noncash assets. Floyd and DeWitt income ratios are 60% and 40%, respectively.

Instructions: recording the sale of noncash assets includes a :

Select one: a. credit gain on realization 3000 b. credit liabilities 55000 c. debit noncash assets 100000 d. debit loss on realization 3000

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