Exercise 4 - 16. Withdrawal of a Partner with Downward Asset Revaluation Following are ledger balances in the books of partners Mark, Matthew, and James who share profits and losses equally: Cash P 600,000 Mark, Capital 400,000 Other Assets 700,000 Matthew, Capital 400,000 Accounts Payable 100,000 James, Capital 400,000 In view of the plans of the family of Mark to permanently settle in U.S.A., the partners decided to the best interest of all that Mark withdraw from the partnership venture. But prior to Mark's withdrawal, they all agreed to record a downward adjustment of P60,000 in the firm's property and equipment (included in Other Assets account) in order to reflect their current market values. Required: a. Record the revaluation of property and equipment. b. Record the withdrawal of Mark in the partnership