The partnership of Matteson, Richton, and O'Toole has existed for a number of years. At the present time, the portners hove the following capital bolances and profit and loss sharing percentages: O'Toole elects to withdrow from the partnership, lesving Matteson and Richton to operate the business. Following the original portnership sgreement, when a portner withdrows, the partnership and oll of its individual assets are to be resssessed to current fair volues by on independent approiser. The withdrawing porther will receive cosh or other ossets equal to that partner's current capital bolance after including on appropriate share of any adjustment indicated by the apprsisal. Gains and losses indicated by the appraisal ore allocated using the regular profit and loss percentages. An independent appraiser is hired and estimates that the partnership ss whole is worth $600,000. Regarding the individual assets, the approiser finds that a building with a book volue of $180,000 hos o foir volue of $220,000. The book volues for all other identifioble ossets and liabilities are the same as their appraised fair values. Accordingly, the partnership sgrees to poy O'Toole $120,000 upon withdrawal. Matteson and Richton, however, do not wish to record ony goodwill in connection with the change in ownership. Prepare the journsl entry to record O'Toole's withdrewal from the portnership. (If no entry is required for a transactlon/event, select "No journal entry required" in the first account field.) Journal entry worksheet 2 Record the building appreciation to old partners. Note: Enter debits befure credits. Journal entry worksheet 1 Record O'Toole's withdrawal from the partnership. Note: Enter debits before credits