Revaluing and Purchasing an Interest from Existing Partner Instructions Chart of Accounts Journal Instructions Greg Thomas purchased one-half of lan Hamilton's interest in the Freidman and Hamilton partnership for $33,260. Prior to the investment, land was revalued to a market value of $134,000 from a book value of $78,000. Adam Freidman and lan Hamilton share net income equally. Hamilton had a capital balance of $28,100 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 ane 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 evaluing and Purchasing an Interest from Existing Partner Instructions Chart of Accounts Journal Instructions Gr fro 32 Journal DATE Dec. 31 Land Adam Freidman, Capital lan Hamilton, Capital Dec 31 lan Hamilton, Capital Adam Freidhan, Capital JOURNAL DESCRIPTION POST REF DEBIT 56,000.00 PAGE 11 ACCOUNTING EQUATION CREDIT ASSETS LIABILITIES EQUITY