A. Partners Red, White and Blue decided to liquidate their partnership. Their Statement of Financial Po shows the following: Assets Liabilities and Equity Cash P 500,000 Liabilities P 300,000 Red,...

What is the selling price of the noncash assets?

Extracted text: A. Partners Red, White and Blue decided to liquidate their partnership. Their Statement of Financial Po shows the following: Assets Liabilities and Equity Cash P 500,000 Liabilities P 300,000 Red, Capital (30%) White, Capital (40%) Blue, Capital (30%) Total Liabilities & Capital Noncash Assets 3,000,000 1,100,000 1,350,000 750,000 P 3,500,000 Total Assets P3,500,000 ==== ====== === Red received P 800,000 cash in full settlement of his share in the partnership after payment of liquidation expenses of P 425,000.