On May 31, Sam retires from the partnership of Sam, Bob, and Tim. The partner capital balances are Sam、 \(\$ 36,000 ;\) Bob, \(\$ 51,000\); and Tim, S22,000. The partners have the assets revalued to current market values. The appraiser reports that the value of the inventory should be decreased by \(\$ 12,000\), and the land should be increased by \(\$ 32,000\). The profitand-loss ratio has been 4:3:3 for Sam, Bob, and Tim, respectively: In retiring from the firm, Sam receives \(\$ 60,000\) cash.

Requirement 

Journalize

(a) the asset revaluations

(b) Sam's withdrawal from the firm.