The following account balances were available for the Perry, Quincy, and Renquist partnership just before it entered liquidation:
- Cash 90,000 Liabilities 170,000
- Non cash assets 300,000 Perry Capital 70,000
- Quincy's Capital 50,000
- Renquist Capital 100,000
- total 390,000 390,000
Inlcuded in Perry's capital balance is a $20,000 partnership loan owed to Perry. Perry, Quincy, and Renquist shared profits and losses in a ratio of 2:4:4. Liquidation expenses were expected to be $15,000.All partners were solvent.
What would be the minimum amount for which the noncash assets must have been sold, in order for quincy to receive some cash from the liquidation?