Harry, Tony, and Liza run a partnership firm. In the process of liquidation, the partnership sells non- cash assets, having a book value of $78,000, for $86,000. Which of the following is TRUE of the journal entries?
A) Cash will be credited by $8000.
B) Non-cash assets will be credited for $86,000.
C) Cash will be credited for $78,000.
D) Non-cash assets will be credited for $78,000.
D) Non-cash assets will be credited for $78,000.
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