Exercise 415. Withdrawal of a Partner with Upward Asset Revaluation Joachim, John and Joseph are partners of JJ, Ltd sharing profits in the ratio of 3:2:1. On Februaryl, John withdrew from the partnership. The capital balances of Joachim, John and Joseph on this date are P200,000, P140,000 and P70,000 respectively. It is agreed that John be paid P200,000 for his interest after recording the increase of P180,000 in fair market value of the asset Land of the company. Required: a. Record the entry for the increase in the fair market value of the Land. b. Record the entry for the withdrawal of John