Required information. [The following information applies to the questions displayed below] The partnership of Ace, Jack, and Spade has been in business for 25 years. On December 31, 20X5, Spade decided to retire. The partnership balance sheet reported the following capital balances for each partner at December 31, 20X5 Ace, Capital Jack, Capital Spade, Capital $150,800 201,100 120,500 The partners allocate partnership income and loss in the ratio 20:30:50, respectively. Required: Record Spade's withdrawal under each of the following independent situations. g. Because of limited cash in the partnership, Spade received land with a fair value of $100,700 and a partnership note payable for $50,700. The land's carrying amount on the partnership books was $61,200. Capital of the partnership after Spade's retirement was $360,500. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < A B Record the revaluation of land. Note: Enter debits before credits. Required information [The following information applies to the questions displayed below] The partnership of Ace, Jack, and Spade has been in business for 25 years. On December 31, 20X5, Spade decided to retire. The partnership balance sheet reported the following capital balances for each partner at December 31, 20X5: Ace, Capital Jack, Capital Spade, Capital $150,800 201,100 120,500 The partners allocate partnership income and loss in the ratio 20:30:50, respectively. Required: Record Spade's withdrawal under each of the following independent situations. g. Because of limited cash in the partnership. Spade received land with a fair value of $100,700 and a partnership note payable for $50,700. The land's carrying amount on the partnership books was $61,200. Capital of the partnership after Spade's retirement was $360,500. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet A B Record the settlement of Spade's share by giving land and notes payable. Note: Enter debits before credits