Abraham, Isaac, and Jacob each have a \(\$ 50,000\) capital balance. Abraham is very old and is retiring from the business. The partners agree to revalue the assets at current market value. A real-estate appraiser values the land at \(\$ 140,000\) (book value is \(\$ 100,000\) ). The profit-and-loss ratio is \(1: 2: 1\). Journalize

(a) the revaluation of the land on July 31 

(b) payment of \(\$ 60,000\) to Abraham upon his retirement the same day.