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ts work Sutherland, Lake, and Jackson each have a...

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Accounting

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ts work Sutherland, Lake, and Jackson each have a $24,000 Capital balance. Sutherland is retiring from the business. The partners agree to revalue the assets at current market value. A real estate appraiser values the land at $78,000 (book value is $50,000) The profit-and-loss ratio is 2:3:2. Journalize (a) the revaluation of the land on July 31 and (b) payment of $32,000 to Sutherland upon his retirement the same day (a) Journalize the entry for the revaluation of the land. (Record debits first, then credits, Enter explanations on the last line.) Journal Entry z/Test Date Accounts Debit Credit Jul 31 (b) Journalize the payment of 532.000 to Sutherland upon his retirement the same day Journal Entry Date Accounts Debit Credit Jul 31 Gr

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