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.

Spade received $61,500 of cash and partnership land with a fair value of $120,600. The carrying amount of the land on the partnership books was $100,600. Capital of the partnership after Spades retirement was $310,000.. Required: Record Spades withdrawal under each of the following independent situations.

a. Record the revaluation of land.

b. Record the payment of cash and land to Spade upon his retirement.