Prepare a 3-4 page Position Paper on a specific topic of interest that is related to the course content, but was not covered in this course.
March 31, 2021
i need post for below topic in 600 words
March 31, 2021

Pitt and Leon are partners, sharing gains and losses equally. They decide to terminate their partnership. Prior to realization, their capital balances are $15,000 and $20,000, respectively. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $24,000.
a. What is the amount of a gain or loss on realization?
b. How should the gain or loss be divided between Pitt and Leon?
c. How should the cash be divided between Pitt and Leon?

 

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