Hires and Bellman are partners, sharing gains and losses equally. At the time they decide to terminate their partnership, their capital balances are $5,000 and $20,000, respectively. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $20,000.

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

b. How should the gain or loss be divided between Hires and Bellman?

c. How should the cash be divided between Hires and Bellman?