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 $151,400 201,300 Spade, Capital 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. d. Spade received $61,800 of cash and partnership land with a fair value of $121,000. The carrying amount of the land on the partnership books was $100,500. Capital of the partnership after Spade's retirement was $310,900. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)