Lane Stevens is to retire from the partnershlp of Stevens and Associates as of March 31, the end of the current fiscal year After closing the accounts, the capital balance of the parthers are as follows: Lane Stevens, $2.35,000; Cherrie Ford, \$120,000; and LaMarcus Rollins, \$134,000. They have shared net income and net losses in the rat of 3;2:2. The parthers agree that the merchandise inventory should be increased by $22,200, and the allowance for doubthul accounts should be increased by $5,400. Stevens agrees to accept a note for $195,000 in partial settlement of his ownership equity. The remainder of his ciaim is to be paid in cash. Ford and Rolins are to share equally in the net income or net loss of the new partnership. 3. Jourmalize the entry to record the adjustment of the assets to bring them into agre ement with current market prices. If an amouat bor does not require an entry. leave it blank FCha ky wer