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Nancy Conradt and Chris Russell are partners who share profits and losses in the ratio of 70:30, respectively. On December 31, 2019, they decide that

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Nancy Conradt and Chris Russell are partners who share profits and losses in the ratio of 70:30, respectively. On December 31, 2019, they decide that Russell will sell one-half of his interest to Pam Ortega. At that time, the balances of the capital accounts are $650,000 for Conradt and $850,000 for Russell. The partners agree that before the new partner is admitted, certain assets should be revalued, These assets include merchandise inventory carried at $426,200 revalued at $413,400, and a building with a book value of $275,000 revalued at $504,000 Record the revaluation entries and Determine the capital balances of the two existing partners after the revaluation is made

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