Need to complete table

On January 1, 2018, Manders contributes land in a partnership with Collins. Manders purchased the land in 2013 for $225,000. A real estate appraiser now values the land at $725,000. Manders wants $725,000 capital in the new partnership, but Collins objects. Collins believes that Manders's capital contribution should be measured by the book value of his land. Collins and Manders seek your advice. Read the requirements . Requirement 1. Which value of the land is appropriate for measuring Manders's capital- book value or current market value? Manders's capital contribution of land should be valued at current market value . Requirement 2. Give the partnership's journal entry to record Manders's contribution in the business. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit 2018 Jan. 1