Alana Burno is retiring from the partnership of Burno, King, and Harrison on March 31. The partner Capital balances are Burno, S111.000; King, S154,000 and Harrison, 573,000. The partners agree to have the partnership assets revalued to current market values. The independent appraiser reports that the book value of the inventory should be decreased by $30 000, and the book value of the land should be increased by 99,000. The partners agree to these revaluations. The profit-and-loss ratio has been 24 4 for Burno, King, and Harrison, respectively. In retiring from the firm, Burno received $153,000 cash Required Journalize (a) the asset revaluations, and ) Buro's withdrawal from the firm, a. Journalize the revaluation of the inventory (Record debits first, then credits. Explanations are not required.) Journal Entry Date Accounts Debit Credit Mar 31 Journalize the revaluation of the land Joumal Entry Accounts Date Debit Credit Mar 31 Burno, Capital Cash Inventory b. Journalize Bu Land Kg Capital Haroon Capita Date Mar 31 Bumot Cash Credit Det 15.000 153000