Distribution of Cash Upon Liquidation Pryor and Lester are partners, sharing gains and losses equally. They decide to terminate their partnership. Prior to realization, their capital balances are $24,000 and $16,000, respectively. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $30,000.

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

b. How should the gain or loss be divided between Pryor and Lester?

Pryor _______

Lester _______

c. How should the cash be divided between Pryor and Lester? If an amount is zero, enter "0". Lester and Pryor Distribution of Cash Pryor Lester Capital balances before realization $ $ Division of gain or loss on realization Balances $ $ Cash distributed to partners Final balances $ $