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

Required:

a$.$ On December $31,$ provide the journal entry for the revaluation of land.$*$

b$.$ On December $31,$ 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.

Answer rating: 100% (QA)

a Journal entry for the revaluation of land Date December 31 Account Titles Debit ... View the full answer