6) Frasier, Niles, and Daffney are partners in the Lots A Laughs Company and share profits and losses in a ratio of 3:2:1, respectively. Frasier has been contemplating retirement. The partners' current capital account balances, after closing entries, are $147,000, $98,000, and $49,000, respectively. The new net income agreement for Niles and Daffney will be 1:3. Prepare entries for the following transactions involving the retirement of Frasier. Round to the nearest dollar if necessary a) The pa $120,000. Inventory with a cost of $50,000 has a current market value of $35,000. b) After the assets are revalued, the partnership agrees to give Frasier $75,000 cash and a note payable for $65,000. agree to revalue the assets. Land with a cost of $90,000 has a current market value of 8) Rahman, Ganesh and Malik had a long-standing and highly profitable accounting business organized as a partnership with equal sharing of profits and losses. At the end of 2014, all partners agreed to liquidate the partnership. At that time, the balance sheet was as follows: $ 51,000 100 $ 211,00 Liabilities & Owner's Equity $5,000 51 64,400 hman, capital alik, capital Total liabilities & owner's equi $211 The inventory was sold for $54,000 and the land was sold for $220,000 cash. After sale of the assets and of accounts payable, how much were the balances in the partners' capital accounts