Lambert, Ray, and Verlander are partners. On July 30, 201X, the balance sheet was as follows:

The partners agree to share all losses and gains in a 2:2:1 ratio. Verlander is withdrawing from the partnership. From the following independent situations, journalize the withdrawal of Verlander.

Situation 1: Verlander sells his equity to Jennings for $18,400. Partners agree to admission of Jennings.

Situation 2: On withdrawal of Verlander, inventory is determined to be overvalued by $1,000. (Before withdrawal, assets are revalued to current fair market value.) Be sure to record entry to revalue inventory as well as the withdrawal of Verlander.

Situation 3: Verlander is paid $3,800 out of the assets of the partnership. The partners do not want to change the recorded asset values.

Situation 4: Verlander is paid $9,000 out of the assets of the partnership. The partners do not want to change the recorded asset values.

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Cash $11,800 Lambert, Capital $ 7,200 Merchandise Inventory 4,700 Ray, Capital 12,100 Other Assets 8,100 Verlander, Capital 5,300 Total Assets $24,600 Total Liab. & Equity $24,600