Arthur Carlson,Maria Perez and Andrew Li Have a Partnership with Equal

Arthur Carlson,Maria Perez and Andrew Li have a partnership with equal profit sharing.Andrew Li has decided to withdraw from the partnership.The current balance sheet of the partnership appears as follows:
$\begin{array}{|l|r|l|l|r|}\hline\text { Assets }&&&\text { Liabilities \& Owner's Equity }\\\hline \text { Cash } & \$ 180,000 && \text { Accounts payable } & \$ 50,000 \\\hline \text { Inventory } & 240,000 && \text { Carlson, capital } & 200,000 \\\hline \text { Land } & 200,000 && \text { Perez, capital } & 180,000 \\\hline & & & \text { Li, capital } & 190,000 \\\hline \text { Total assets }& \$ 620,000 & & \text { Total liabilities \& owner's equity } & \$ 620,000 \\\hline\end{array}$ Prior to the final settlement,the assets have been appraised to determine their current fair market value.Fair values are as follow:
$$\begin{array} { | l | l | } \hline \text { Inventory: } & \$ 204,000 \\\hline \text { Land: } & \$ 440,000 \\\hline\end{array}$$ Required:
Provide the journal entries to revalue the inventory; and,record the withdrawal of Li assuming he receives $160,000 cash,and $90,000 inventory,for his equity.
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