Ralph Kramden and Ed Norton were general partners in a retail mattress store. Kramden contributed...

Ralph Kramden and Ed Norton were general partners in a retail mattress store. Kramden contributed $50,000 cash to the business and Norton contributed $25,000 to the business. Kramden purchased a delivery van using $15,000 of the partnership funds. The van's certificate of title listed Kramden as the owner. The business used the van for two years during which time the business paid all of the taxes and maintenance expenses. Kramden and Norton decided to close the business after two years. They dissolved the partnership and sold the assets. Kramden sold the van, but refused to share the process of its sale with Norton because he claimed that he owned the van. Was the van a partnership asset? Should Norton receive a portion of the proceeds from the sale of the van? Present the rationale for your determination supported by concepts from your textbook and research.