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Hewitt and Patel are partners, sharing gains and losses equally. They decide to terminate their...

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Accounting

Hewitt and Patel are partners, sharing gains and losses equally.

They decide to terminate their partnership. Prior to realization, their capital balances are $28,000 and $18,000, respectively. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $35,000.

What is the amount of a gain or loss on realization?

How should the gain or loss be divided between Hewitt and Patel?

How should the cash be divided between Hewitt and Patel?

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