Aasif Safar purchased one-half of Michael Thorton's interest in the Vale and Thorton partnership for $34,000. Prior

Question:

Aasif Safar purchased one-half of Michael Thorton's interest in the Vale and Thorton for $34,000. Prior to the investment, land was revalued to a market value of $150,000 from a book value of $80,000. Tony Vale and Michael Thorton share net income equally. Thorton had a capital balance of $28,000 prior to these transactions.
a. Provide the journal entry for the revaluation of land.
b. Provide the journal entry to admit Safar?
Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...