512-13 Simpson, Locke, and Job each have a $27.000 Capital balance. Simpson is retiring from the business. The partners agree to revalue the assets at current market value. A real estate appraiser values the land at $70,000 (book value is $50,000). The profit-and-loss ratio is 1:2:1. Joumalize (a) the revaluation of the land on July 31, and (b) a payment of $32,000 to Simpson upon his retirement the same day, General Journal ACCOUNT TITLES AND EXPLANATIONS POST. RER DEBIT CREDIT DATE