Question
Pryor and Lester are partners, sharing gains and losses equally. They decide to terminate their partnership. Prior to realization, their capital balances are $18,000 and
Pryor and Lester are partners, sharing gains and losses equally. They decide to terminate their partnership. Prior to realization, their capital balances are $18,000 and $12,000, respectively. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $23,000. A-. What is the amount of a gain or loss on realization? Gain or Loss Select 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".
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