Kazma, Folkert, and Tucker are partners with capital account balances of $32,700, $76,500, and $41,500, respectively. Income and losses are divided in a 4:4:2 ratio. When Tucker decided to withdraw, the partnership revalued its assets from $207,500 to $232,900, which represented an increase in the value of inventory of $8,000 and an increase in the value of land of $17,400. Tucker was then given $16,000 cash and a note for $42,000 for his withdrawal from the partnership.

Exercise 15-13 Kazma, Folkert, and Tucker are partners with capital account balances of $32,700, $76,500, and $41,500, respectively. Income and losses are divided in a 4:4:2 ratio. When Tucker decided to withdraw, the partnership revalued its assets from $207,500 to $232,900, which represented an increase in the value of inventory of $8,000 and an increase in the value of land of $17,400. Tucker was then given $16,000 cash and a note for $42,000 for his withdrawal from the partnership (a) Your answer is partially correct. Try again Prepare the journal entry to record the revaluation of the partnership's assets. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Inventory 8000 Land 17400 Open Show Work Click if you would like to Show Work for this