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	$	151,600
Jack, Capital		201,800
Spade, Capital		121,200

The partners allocate partnership income and loss in the ratio 20:30:50, respectively. Required: Record Spades withdrawal under each of the following independent situations.

g. Because of limited cash in the partnership, Spade received land with a fair value of $100,200 and a partnership note payable for $51,500. The lands carrying amount on the partnership books was $61,800. Capital of the partnership after Spades retirement was $361,300. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

A.

Land

Ace capital

Jack capital

spade capital

B

Spade capital

ace capital

jack capital

land credit: 100,200

Notes payable: 51, 500