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The Balance Sheet of the equal Henry Partnership on August 31, 2023 is as follows:...

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Accounting

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The Balance Sheet of the equal Henry Partnership on August 31, 2023 is as follows: Cash (Adjusted Basis - 5150,000; Fair Market Value - $150,000 ) Unrealized Recelvables (Adjusted Basis - \$-0-; Fair Market Value - \$210,000); Capital Assets (Adjusted Basis - \$420,000, Fair Market Value - \$510,000) (Total Assets: (Adjusted Basis - \$570,000; Fair Market Value - \$870,000), Notes Payable (Adjusted Basis - \$180,000; Fair Market Value - \$180,000); Capital Accounts: John Capital (Adjusted Basis - \$130,000, Fair Market Value - \$230,000), Clarence Capital (Adjusted Basis - \$130,000; Fair Market Value - $230,000) james Capital (Adjusted Basis $130,000; Fair Market Value - \$2.30,000) (Total Liabilities And Equity (Capital) - (Adjusted Basis - \$570,000; Fair Market Value - \$870,000). John sells his interest in the Parthership to someone outside of the Parthership for Cash of $320,000 and the assumption of his share of the Partnership Liabilities. The amount of Capital Gain recognized by john for the sale of his Parthership interest is: $70,000. $190,000 $120,000 $160,000

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