During the liquidation of the partnership of three cousins, they realized a gain of $18,000 from the sale of noncash assets. The accounts payable balance at the time of sale was $43,200. The notes payable balance was $38,000.

Individual Income Taxes
43rd Edition
ISBN:9780357109731
Author:Hoffman
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Chapter20: Corporations And Partnerships
Section: Chapter Questions
Problem 6CPA
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During the liquidation of the partnership of three cousins, they realized a gain of $18,000 from the sale of noncash assets. The accounts payable balance at the time of sale was $43,200. The notes payable balance was $38,000. How much will their creditors be paid if the partnership pays in full?

1.$61,200
2.$63,200
3.$81,200
4.$81,200
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