Aasif Safar purchased one-half of Michael Thortons interest in the Vale and Thorton partnership for $33,760. Prior to the investment, land was revalued to a market value of $142,260 from a book value of $78,830. Tony Vale and Michael Thorton share net income equally. Thorton had a capital balance of $30,480 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 Safar.* *Refer to the Chart of Accounts for exact wording of account titles. Round your answers to the nearest dollar.