3. Glen Otis is retiring from the partnership of Otis & Associates as of March 31, the end of the current fiscal year. After closing the accounts, the partner capital balances are: Glen Otis, $200,000; Tammie Sawyer, $125,000, and Joe Parrot, $140,000. They share net income and net losses in a ratio 3:2:1. The independent appraiser reports that the land value be increased by $10,000, equipment be decreased by $2,000 and that the allowance for doubtful account be decreased by $4,000. In retiring from the partnership, Otis receives $90,000 cash and the remaining is paid with a note. Journalize the revaluation of the assets and Otis's withdrawal from the partnership.