Which of the following statements is true concerning the accounting for a partnership going through liquidation?

a. Gains and losses are reported directly as increases and decreases in the appropriate capital account.
b. A separate income statement is created to measure only the profit or loss generated during liquidation.
c. Because gains and losses rarely occur during liquidation, no special accounting treatment is warranted.
d. Within a liquidation, all gains and losses are divided equally among the partners.