Which of the following is true with respect to the revaluation of net assets prior to partnership realignment? a. When partnership net assets are revalued in anticipation of a realignment transaction, the resulting gains and losses accrue only to the partners who have an ownership interest in the entity during the period in which the net assets changed in value. b. When partnership net assets are revalued in anticipation of a realignment transaction, only the resulting gains accrue to the partners who have an ownership interest in the entity during the period in which the net assets changed in value. Losses are allocated in proportion to the relative balances of the Capital Accounts. c. Partnership net assets cannot be revalued as a result of partnership realignment. d. Partnership net assets can only be written down to net realizable value and cannot be increased if market value exceeds their book value. 19. Which of the following is not true with respect to the dissolution of a partnership. a. The assets of the partnership must be converted to cash used to pay the obligations to creditors, including partners who are. creditors, and any remaining cash must be distributed to the partners in accordance with the profit-sharing ratio. b. Profits (losses) that result from the liquidation of the partnership assets must be credited (charged) to the partners' Capital Accounts. c. If a partner's Capital Account becomes negative as a result of the sales of assets, the partner is relieved of all liability with respect to the partnership. d. If a partner's Capital Account becomes negative as a result of the sales of assets, the partner must make a cash contribution to the partnership in an amount sufficient to bring the Capital Account to a zero balance. 20. Which of the following is not true with respect to the liquidation of a partnership? a. It may be difficult to estimate the liquidation expenses, thereby limiting the amount of cash that can be safely distributed. b. There may be unreported liabilities that were not properly accrued as of the balance sheet date. The liquidation administrator must, therefore, be conservative in estimating the maount of cash that can be safely disbursed. c. It is not uncommon to assume that no cash will be realized from the sale of assets. d. All of the above are true