Exercise 1-15 points Carlson, Perez and Li have a partnership with equal profit sharing. Li has decided to withdraw from the partnership. The current balance sheet of the partnership appears as follows: Assets Cash Inventory Land Total assets Liabilities & Owner's Equity $180,000 Accounts payable $50,000 240,000 Carlson, capital 200,000 200,000 Perez, capital 180,000 Li, capital 190,000 $620,000 Total liabilities & owner's equity $620,000 Prior to the final settlement, the assets have been appraised to determine their current fair market value. Fair values are as follow: Inventory: Land: $204,000 $440,000 Required: Provide the journal entries to revalue the assets, and record the withdrawal of Li assuming he receives $250,000 cash for his equity.