b. What entry is required by the partnership if the sales price is $110,000?Distribution of Cash Upon LiquidationPryor and Lester are partners, sharing gains and losses equally. They decide to terminate their partnership. Prior to realization, their capital balances are $24,000 and $16,000, respectively. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $30,000.a. What is the amount of a gain or loss on realization?88000
b. How should the gain or loss be divided between Pryor and Lester?
Kara Oliver, Capit88000