Distribution of cash upon liquidation

Hewitt and Patel are partners, sharing gains and losses equally. They decide to terminate their partnership. Prior to realization, their capital balances are $$12,000$ and $$8,000,$ respectively. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $$15,000.$

Question Content Area

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

fill in the blank $1$ of $2$

fill in the blank $2$ of $2$$

Question Content Area

b$.$ How should the gain or loss be divided between Hewitt and Patel?

Partner Gain or Loss Amount

Hewitt fill in the blank $1$ of $4$

fill in the blank $2$ of $4$$

Patel fill in the blank $3$ of $4$

fill in the blank $4$ of $4$$

Question Content Area

c$.$ How should the cash be divided between Hewitt and Patel? If an amount is zero, enter $"0".$

blank

Hewitt and Patel

Distribution of Cash

Line Item Description Hewitt Patel

Capital balances before realization $fill in the blank $6$a$0$f$16$f$8501706$e$\_1$

$fill in the blank $6$a$0$f$16$f$8501706$e$\_2$

Division of gain or loss on realization Division of gain or loss on realization

Division of gain or loss on realization

Balances $Balances

$Balances

Cash distributed to partners Cash distributed to partners

Cash distributed to partners

Final balances $Final balances

$Final balances