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Gavin invested $50,000 in the Jason and Kelly Partnership for ownership equity of $50,000.Por to the investment, and was revalued to a market value of $400.000 from a book value of $176.000, enind Kelly share net income in a 128bio a. Journalue the entry for the rewanton of tond, (ne partnership does not use the temporary asset relation account. At bow does not recover an entry, we blok b. Journalize the entry to admit Gavin If an amount box does not require an entry leave it blank The income statement for Hudson Company reported net income of $345,000 for the year ended December 31 before considering the following: . During the year, the company purchased trading securities, At year-end, the fair value of the investment portfolio was $23.000 less than cost The balance of Retained Earnings was $823,000 on January Hudson Company paid $43,000 in cash dividends during the year. Compute the balance of Retained Earnings on December 31. Alma Corp. issues 1.110 shares of $5 par common stock ut $15 per share. When the transaction is journalized, credits are made to Oa Common Stock 55,550 and Paid In Capital in Excess of Par-Common Stock 511100 Ob. Common Stock $5.550 and Retained Earnings. 511.100. Oc Common Stock 516.650 Od. Common Stock 511.100 and Paid-In Capital in Excess of Stated Value 55 5SO