Withdrawal of Partner of the partners are as follows: Lane Stevens, $260,000; Cherrie Ford, $133,000; and LaMarcus Rollins, $148,000. 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 $24,000, and the allowance for 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. Feedback Check My Work a. Adjust the inventory account and the allowance account, and adjust each partner's capital account for their income-sharing ratio by multiplying net inventory times 3/7 for Winner's allocation and 2/7 time net inventory for both Richards' and Williams' allocation. 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