Immediately prior its liquidation, the D&J partnership presented the following balance sheet:

Cash
$ 15,000
Liabilities
$ 10,000
Land
50,000
Capital-Denis
20,000
 
      
Capital-Jennifer
35,000
Total Assets
65,000
Total Liab. & Cap.
65,000

The firm sells the land for $90,000. The partnership agreement calls for profits to be shared 25% to Denis and 75% to Jennifer.

How much of the gain or loss on realization will the D&J partnership assign to Denis?

Indicate a loss by preceding your answer with a minus sign.

Answer:



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