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 Spade, Capital $151,100 201, 408 120, 508 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 situation:s . Spade received $62,000 of cash and partnership land with a fair value of $121,800. The carrying amount of the land on the artnership books was $100,500. Capital of the partnership after Spade's retirement was $310,500. (If no entry is required fora ransaction/event, select "No journal entry required" in the first account field.)