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. |
