Harry, Tony, and Liza run a partnership firm. In the process of liquidation, the partnership sells non-cash assets, having a book value of $75,000, for $90,000. Which of the following is true of the journal entries?
A) Cash will be credited by $15,000.
B) Non-cash assets will be credited for $90,000.
C) Cash will be credited for $75,000.
D) Non-cash assets will be credited for $75,000.
Correct Answer:
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