Answer:
Please see the answer below:
Explanation:
Balance of Non-Cash Assets = Sale Price - Cost Price
Balance of Non-Cash Assets = $275,000 - ($73,000 + $157,000)
Balance of Non-Cash Assets = $275,000 - $230,000 = $45,000
The Balance on Other Assets sold should be divided equally:
Abel = $50,000 + [$45,000 x 1 / 3] = $50,000 + $15,000 = $65,000
Barney = $50,000 + [$45,000 x 1 / 3] = $50,000 + $15,000 = $65,000
Cole = $87,000 + [$45,000 x 1 / 3] = $87,000 + $15,000 = $102,000
