Bayer is the senior member of the partnership of Bayer, Caldwell, and Dillon. When Bayer dies, the firm’s accountant revalues the assets. The fol¬

lowing assets are to be increased in value by these amounts: Merchandise Inven¬

tory, $24,000; Building, $64,000. The value of the asset Equipment is to be decreased by $8,000. Assuming that the partnership profit and loss ratio is 2:2:1, respectively, write the journal entry to show the revaluation of the assets on May 6 prior to dissolution of the firm.