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[The following information applies to the questions displayed below) The partnership of Ace, Jack, and...

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Accounting

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[The following information applies to the questions displayed below) The partnership of Ace, Jack, and Spade has been in business for 25 years. On December 3 retire. The partnership balance sheet reported the following capital balances for each partne Ace, Capital Jack, Capital Spade, Capital $150,000 200,000 120,000 The partners allocate partnership Income and loss in the ratio 20:30:50, respectively Required: Record Spade's withdrawal under each of the following independent situations. d Spade received $60,000 of cash and partnership land with a fair value of $120,000. The carrying a partnership books was $100,000. Capital of the partnership after Spade's retirement was $310,000, (I transaction/event, select "No Journal entry required" In the first account field.) View transaction ist Journal entry worksheet B Record the revaluation of land

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