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 1. 20X5 $ 151,100 Ace, Capital Jack, Capital Spade, Capital 200.300 120,800 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. Award: 5.88 points d. Spade received $61,600 of cash and partnership land with a fair value of $120,80o. The carrying amount of the land on the partnership books was $100,800. Capital of the partnership after Spade's retirement was $309,800. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet A Record the revaluation land. Note: Enter debits before credits. General Journal Event Debit Credit