15 AIUTIO Greg Thomas purchased one-half of lan 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 lan 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