Simpson, Locke, and Job each have a $25,000 Capital balance. Simpson is very old and is retiring from the business. The partners agree to revalue the assets at current market value. A real-estate appraiser values the land at $70,000 (book value is $50,000). The profit-and-loss ratio is 1:2:1. Journalize (a) the revaluation of the land on July 31, and (b) payment of $30,000 to Simpson upon his retirement the same day.