South, Ladd, and Jefferies each have a $24,000 Capital balance. South is retiring from the business. The partners agree to revalue the assets at current market value A real estate appraiser values the land at $142,000 (book value is $100,000). The profit-and-loss ratio is 1 2 3. Journalize (a) the revaluation of the land on July 31, and (b) payment of $31,000 to South upon his retirement the same day (a) Journalize the entry for the revaluation of the land (Record debits first, then credits. Enter explanations on the last line.) Journal Entry Date Accounts Debit Credit Jul 31 (b) Journalize the payment of $31,000 to South upon his retirement the same day Journal Entry Choose from any list or enter any number in the input fields and then continue to the next