Antoine Dodd purchased one-half of Kyle Bryans interest in the Rich and Bryan partnership for $24,000. Prior

Question:

Antoine Dodd purchased one-half of Kyle Bryan’s interest in the Rich and Bryan partnership for $24,000. Prior to the investment, land was revalued to a market value of $110,000 from a book value of $84,000. Zach Rich and Kyle Bryan share net income equally. Bryan had a capital balance of $25,000 prior to these transactions.

a. Provide the journal entry for the revaluation of land.

b. Provide the journal entry to admit Dodd.

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...