uired in (The following information applies to the questions displayed below.) 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 $150,000 200,000 120,000 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. b. Jack acquired Spade's capital interest for $150,000 in a personal transaction. Partnership assets were not revalued, and partnership goodwill applicable to the entire business was recognized by the partnership. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) d. Spade received $60,000 of cash and partnership land with a fair value of $120,000. The carrying amount of the land on the partnership books was $100,000. Capital of the partnership after Spade's retirement was $310,000. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) X Answer is not complete. No Event General Journal Debit Credit A 1 Land Ace, Capital Jack, Capital Spade, Capital B 2 Spade, Capital Ace, Capital Jack, Capital Cash Land e. Spade received $150,000 of partnership cash upon retirement. The partnership recorded the portion of goodwill attributable to Spade. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) X Answer is not complete. No Event General Journal Debit Credit A 1 Spade, Capital Ace, Capital Jack, Capital Cash x Land