EX 12-16 Withdrawal of partner Lane Stevens is to retire fro the end of the current fiscal year. After closing the accounts, the capital balances partners are as follows: Lane Stevens, $150,000; Cherrie Ford, Rollins, $60,000. They have shared net income and net losses in the ratio o partners agree that the merchandise inventory s allowance for doubtful accounts should be increased by $1,300. a note for $100,000 in partial settlement of his ownership equity. The rem claim is to be paid in cash. Ford and Rollins are to share equally in the net incom net loss of the new partnership. OBJ.3 m the partnership of Stevens and Associates as of March 31, of the $70,000; and LaMarcus f 3:2:2. The hould be increased by $22,300 and the Stevens agrees to accept ainder of his e or Journalize the entries to record (a) the adjustment of the assets to bring them into agree ment with current market prices and (b) the withdrawal of Stevens from the partnership