Graig Thomas purchased one-half of Jan Hamilton’s interest in the Freidman and Hamilton partnership for $49,500. Prior to the investment, land was revalued to a market value of $189,200 from a book value of $116,000. Adam Freidman and Jan Hamilton share net income equally. Hamilton had a capital balance of $52,400 prior to these transactions. 

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

b. Provide the journal entry to admit Thomas.