sara retires from the partnership of sara, bill, and terry.

Project Description:

on march 31, sara retires from the partnership of sara, bill, and terry. the partner capital balances are sara, $31,000; bill, $49,000; and terry, $17,000. the partners have the assets revalued to current market values. the appraiser reports that the value of the inventory should be decreased by $10,000, and the land should be increased by $30,000. the profit-and-loss ration has been 5:3:2 for sara, bill, and terry, respectively. in retiring from the firm, sara receives $80,000 cash.

1. journalize the asset revaluations.
2. journalize sara’s withdrawal from the partnership.


attached are 2 screen shots. one shows what the journal entries look like and the other is the drop down menu that gives the options of what can be picked.
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Price Type: Negotiable

Completed
Total Proposals: 3
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