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 capital balances of the partners are as follows: Lane Stevens $300,000 Cherme Ford, $158,000; and LaMarcus Rollins, $176,000. They have shared net income and net losses in the ratio of 3:2:2. The partners agree that the merchandise inventory should be increased by $28,600, and the allowance for doubtful accounts should be increased by $6,900. Stevens agrees to accept a note for $255,000 in partial 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 income or net loss of the new partnership a. Journalize the entry to record the adjustment of the assets to bring them into agreement with current market prices. For a compound transaction, if an amount box does not require an entry, leave it blank Herchandise Inventory Lane Stevens Cental Cheme Ford Candel 1,900 My 000 b. Joumalize the entry to record the withdrawal of Stevens from the partnership, for a compound transaction, if an amount box does not require an entry, leave it blank Lane Stevensic Coate Lane Stevens 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 capital balances of the partners are as follows: Lane Stevens, $309,000 Cherrie Ford, $158,000, and LaMarcus Rollins, $176,000. They have shared net income and net losses in the ratio of 3:2:2. The partners agree that the merchandise inventory should be increased by $28,600, and the allowand for doubtful accounts should be increased by 16,900, Stevens agrees to accept a note for $255,000 in partial 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 income or net loss of the new partnership a. Journale the entry to record the adjustment of the assets to bring them into agreement with current market prices. For a compound transaction, if an amount box does not require an entry, leave it blank Hershandse Inventory Alamance for Quitiivi Acqunts Lane Stevens Capital Chere Ford Canta 2800 Oak My W Adjust the inventory account and the allowance account, anit adjust each partners capital account for their income-sharing ratio by multiplying net inventory times 3/7 for Winner's allocation and 2/7 time invertory for both charts and Witam alocation b. Journalize the entry to record the withdrawal of Stevens from the partnership. For a compound transaction, if an amount box does not require an entry, leave it blank Brakes Pavali 000