Greg Thomas purchased one - half of Ian Hamilton s interest in the Freidman and Hamilton partnership
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Question:
Greg Thomas purchased onehalf of Ian Hamiltons interest in the Freidman and Hamilton partnership for $ Prior to the investment, land was revalued to a market value of $ from a book value of $ Adam Freidman and Ian Hamilton share net income equally. Hamilton had a capital balance of $ prior to these transactions.
Required:
a On December provide the journal entry for the revaluation of land.
b On December provide the journal entry to admit Thomas.
Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
Related Book For
Modeling the Dynamics of Life Calculus and Probability for Life Scientists
ISBN: 978-0840064189
3rd edition
Authors: Frederick R. Adler
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