Withdrawal of Partner Lane Stevens is to retire from the partnership of Stevens and Associates as of March 31, the end of the current fiscal year. After closing the accounts, the capita balances of the partners are as follows: Lane Stevens, $150,000: Cherrie Ford, $70,000; and LaMarcus Rollins, $60,000. They have shared net income The partners agree that the merchandise inventory should be increased by $22,300 and the allowance accept a note for $100,000 in partial his ownership income or net loss of the new partnership. for doubtful accounts should be increased by $1,300. Stevens agrees to settlement of his ownership equity. The remainder of his claim is to be paid in cash. Ford and Rollins are to share equally in the net a. Journalize the entry to record the adjustment of the assets to bring them into agreement with current market prices. For a not require an entry, leave it blank. compound transaction, if an amount bax does rd the withdrawal of Stevens from the partnership. For a compound transaction, if an amount box does not require an entry, leave it blank. Next Previous