Lane Stevens is to retire from the partnersein of Stevens and Associates as of March 31 the end of the current facal year Afler closing the acceunts, the capital balances of the partners are as follows: Lane Stevens, 5146,350, Cherrie Ford, S67,610; and LaMarcus Rollins, 551,360 . They have shated net income and net iosses in the ratio of 322 . The parthers agree that the merchandise inventory should be increased by $15.520, and the allowance for doubtuf accounts should be increased by 51,510 stevend agrees to accept a note for $109,000 in partial settement or his ownership equily. The remainder of his claim is to be pad in cish Ford ind Roline are to share equally in the riet income or net lass of the new partnership. Required: Joumblze the entres to recard (o) the adfustment of the assots to bving tham into agreement with current market prees and for the withdrawo of Srevent from the aarthership on March 31. Refer to the chan of accounts for the exact worging or the account thes cNow burnals de rot use Ines for joumal explanations. Every me on a jourmar page is used for debe or credit entnes cNow jounhas wit automatically indent a credt entry when a credif amount is onered Chart of Accounts CHART OF ACCOUNTS Stevens and Associates General Ledger ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 113 Allowance for Doubtful Accounts 114 interest Receivable 115 Notes Receivable 116 Merchandise inventory 117 Office Supplies 118 Store Supplies 119 Prepaid insurance 120 Land REVENUE 410 Sales 610 interest Revenue Chart of Accounts 123 Equipment 124 Accumulated Depreciation-Equipment 129 Asset Revaluations 133 Patent LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable 531. Rent Expense 533 insurance Expense 534 Office Supplies Expense 535 Store Supplies Expense 536 Credit Card Expense 537 Cash Short and Over 538 Bad Debt Expense 539 Miscellaneous Expense 710 interest Expense EQUITY 310 Lane Stevens, Capital 311 Lane Stevens, Drawing 312 Cherne Ford, Capital 313 Cherrie Ford, Drawing Chart of Accounts 536 Credit Card Expense LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 interest Payable 215 Notes Payable 537 Cash Short and Over 538 Bad Debt Expense 539 Miscellaneous Expense 710 interest Expense EQUITY 310 Lane Stevens, Capital 311 Lane Stevens, Drawing 312 Cherrie Ford, Capital 313 Cherrie Ford, Drawing 314 LaMarcus Rolins, Capital 315 LaMarcus Rolins, Drawing chedt entyy when ta cinat anount is fikend