Amar Harb purchased one-half of Jordan Henry's interest in the Vale and Henry partner- ship for $29,000. Prior to the investment, land was revalued to a market value of $125,000 from a book value of $80,000. Tony Vale and Jordan Henry share net income equally. Henry had a capital balance of $30,000 prior to these transactions.
a. Provide the journal entry for the revaluation of land.
b. Provide the journal entry to admit Harb.