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Question One (13 Points) Baha', Ahmad, and Sabri are partners in BAS Partnership...

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Accounting

Question One (13 Points)
Baha', Ahmad, and Sabri are partners in BAS Partnership with capital balances of $60,000, $150,000, and $90,000, respectively. Profits and losses are shared in a 20:50:30 ratio. Baha' decided to withdraw from the partnership, and the partnership revalued its assets. The value of merchandise inventory was decreased by $30,000 and the value of land was increased by $60,000. In addition, partnership goodwill amounted to $90,000. The partnership agreed to pay Baha' $84,000 for his withdrawal from the partnership, which includes his share of goodwill.
Required ?()
a) Prepare the revaluation entry of merchandise inventory and land prior to Baha"s i withdrawal from partnership.
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