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What is the amount of a gain or loss on realization

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Reference no: EM132878198

Problem - Distribution of cash upon liquidation - Lyle and Fisher are partners, sharing gains and losses equally. They decide to terminate their partnership. Prior to realization, their capital balances are $15,000 and $7,000, respectively. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $16,000.

Required -

a. What is the amount of a gain or loss on realization?

b. How should the gain or loss be divided between Lyle and Fisher?

c. How should the cash be divided between Lyle and Fisher?

Reference no: EM132878198

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