The partners Cornish and Duffee share in the profits and losses equally and their capital accounts have credit balances of $13,000 and 27,000, respectively. The account balances for Cornish and Duffee immediately prior to the liquidation is Cash 20,000, Land 40,000 and Accounts Payable $20,000. The land is sold for $46,000 cash.

Required: a) In step 2 of the liquidation of the partnership how much if any, gain or loss on liquidation is allocated to each partner? b)