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Distribution of Cash Upon Liquidention Hewitt and Patel are partners, sharing-gains and losses equally. They decide to terminate their partnership. Prior to realization, their capital

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Distribution of Cash Upon Liquidention Hewitt and Patel 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 labilities are paid, there is a casth balance of $30,000. a. What is the amount of a gain of loss on realization? b. How should the gain or loss be divided between Hewitt and Patel? c. How should the casth be divided between Hewtt and Patel? If an amount is zero, enter "0". b. How should the gain or loss be divided between Hewitt and Patel? c. How should the cash be divided between Hewitt and Patel? If an amount is zero, enter " 0

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