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Assignment/takeAssignment Main dolinvokersavedtakeAssignmentSessionlocator segment takeBinprogress=false eBook Show Me How Calculator 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 dosing the accounts, the capital balances of the partners are as follows: Lane Stevens, $250,000: Cherrie Ford. $133,000; and LaMarcus Rollins, $140,000. 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 doubtful accounts should be increased by $5,800. Stevens agrees to accept a note for $215,000 in partial settlement of his ownership equity. The remainder of his daim 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, it an amount box does not require an entry leave it blank. Merchandise Inventory 24.000 Allowance for Doubtful Accounts 5.000 Lane Stevens, Capital Cherrie Ford, Capital LaMarcus Rolins, Capital b. Jourtage the entry to record the wide of Staves from the partners. For and transaction mot boxer bank Le Stewart

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