The personal service partnership of Dewey, Cheatum, & Howe had the following cash basis balance sheet at December 31 of the current year: Assets Liabilities and Equity Accounts Adjusted Basis FMV Accounts Adjusted Basis FMV Cash 306.000 306,000 Note payable 180,000 180,000 A/R 1,260,000 Capital accounts: Dewey 42,000 462,000 Cheatum 42,000 462.000 Howe 42,000 462,000 Totals 306,000 1,566,000 306,000 1,566,000 Cheatum, an equal partner, sold his partnership interest to Billings, an outsider, for $462,000 cash on January 1 of the current year. In addition, Billings assumed Cheatum's share of the partnership's liability What was the total amount realized by Cheatum on the sale of his partnership interest? $462,000 $522,000 $420,000 $402,000