The book value of the non-cash assets of the MLW partnership is $150,000. In liquidation, the partnership sells the non-cash assets for $174,000. Partners M, L, and W split profits equally. How should...

The book value of the non-cash assets of the MLW partnership is $150,000. In liquidation, the partnership sells the non-cash assets for $174,000. Partners M, L, and W split profits equally. How should the partnership account for the sale of the non-cash assets?

a. Debit cash for $174,000

b. Increase each of the partners’ capital accounts by $8,000

c. Credit the non-cash assets for $150,000

d. All of the above