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	$	150,500
Jack, Capital		200,300
Spade, Capital		121,300

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.

Because of limited cash in the partnership, Spade received land with a fair value of $101,300 and a partnership note payable for $51,900. The lands carrying amount on the partnership books was $61,000. Capital of the partnership after Spades retirement was $359,200.

a. Record the revaluation of land.

b. Record the settlement of Spade's share by giving land and notes payable.