Nguyen, Tran and Le are partners sharing profits and losses equally and with capital balances of $225, $675 and $450 respectively. Before Tran leaves the partnership the assets are revalued. An independent valuer assesses the equipment to be worth $12 less than the carrying amount (book value), and property $147 more than the carrying amount.

a) Prepare the journal entries to record the revaluation of property and equipment.

b) Prepare the journal entries to record the revaluation of property and equipment if the partnership agreement specifies profits and losses are allocated on the basis of the capital balances.

c) Prepare the journal entries to record the retirement of Tran (after revaluation and profits and losses are allocated on the basis of capital balances as in (b) above) if she is allowed to take $842.50 in cash (record to the nearest cent)