Partner 1, Partner 2, and Partner 3 have capital balances of $60,000, $50,000, and $95,000 respectively. Partner 1 decided to withdraw from the partnership, so they all agreed to revalue assets as follows: Land with a cost of $65,000 has a current market value of $85,000. Inventory with a cost of $85,000 has a current market value of $80,000. Partners share profits and losses in a 30:50:20 ratio. a) Prepare the journal entries required to revalue the assets. b) Prepare the journal entry to record the withdrawal of Partner 1 if the partnership gives him $80,000 cash. Round to the nearest dollar. Show your calculations.