The balance sheet of Phalanx Sports Corp. reported the following Cumulative preferred shares; 650 shares issued and outstanding. liquidation value $20,000 $ 20,100 Common shares: 27.000 shares issued and outstanding 199,100 Assume that Phalanx Sports has paid preferred dividends for the current year and all prior years (no dividends in arrears). Retained earnings was $125.000 Required Compute the book value per share of the preferred shares and the common shares llana Bruin is retiring from the partnership of Bruin, Kudow, and Harmon on Jatuary 31. The partner Capital balances are Bruin, $112.000 Kudlow, S158,000; and Harmon, $70,000. The partners agree to have the partnership assets revalued to current market values. The independent appraiser reports that the book value of the inventory should be decreased by $28,000, and the book value of the land should be increased by $105.000. The partners agree to these revaluations. The profit-and-loss ratio has been 2:4 4 for Bruin, Kudlow, and Harmon, respectively in retiring from the firm, Bruin received 5155,000 cash. Required Journalize (a) the asset revaluations, and (b) Bruin's withdrawal from the firm