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 $150,300 200,400 120,700 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. d. Spade received $62,000 of cash and partnership land with a fair value of $121,600. The carrying amount of the land on the partnership books was $101,000. Capital of the partnership after Spade's retirement was $308,400. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) > Answer is complete but not entirely correct. No Event A 1 Land Ace, Capital Jack, Capital Spade, Capital B 2 Spade, Capital Ace, Capital Jack, Capital Land Cash General Journal Debit Credit 20,600 4,120 6,180 10,300 131,000 25,160 X 37,740 x 121,600 62,000