Alana Bruno is retiring from the partnership of Bruno, Teale, and White on May 31. The partner Capital balances are Bruno, $108,000; Teale, $153,000; and White, $66,000. The partners agree to have the partnership assets revalued to current market values. The independent appraiser reports that the book value of the inventory should be decreased by $24,000, and the book value of the land should be increased by $96,000. The partners agree to these revaluations. The profit-and-loss ratio has been 2:4:4 for Bruno, Teale, and White, respectively.

In retiring from the firm, Bruno received $150,000 cash.

Required

Journalize (a) the asset revaluations, and (b) Bruno's withdrawal from the firm.