Lane Stevens is to retire from the partnership of Stevens and Associates as of March $31,$ the end of the current fiscal year. After closing the accounts, the capital balances of the partners are as follows: Lane Stevens, $$150,000$; Cherrie Ford, $$70,000$; and LaMarcus Rollins, $$60,000.$ They have shared net income and net losses in the ratio of $3$:$2$:$2.$ The partners agree that the merchandise inventory should be increased by $$22,300$ and the allowance for doubtful accounts should be increased by $$1,300.$ Stevens agrees to accept a note for $$100,000$ in partial settlement of his ownership equity. The remainder of his claim is to be paid in cash Ford and Rollins are to share equally in the net income or net loss of the new partnership.

Required:

Journalize the entries to record $($a$)$ the adjustment of the assets to bring them into agreement with current market prices and $($b$)$ the withdrawal of Stevens from the partnership on March $31.$ Refer to th fhart of acccunts for the exact wording of the account titles. CNOW joumals do not use lines for journal explanations. Every line on a joumal page is used for debit or credi entries. CNOW joumals will automatically indent a credit entry when a credit amount is entered.