Aasif Safar purchased one-half of Michael Thortons interest in the Vale and Thorton partnership for $32,400. Prior to the investment, land was revalued to a market value of $161,870 from a book value of $86,860. Tony Vale and Michael Thorton share net income equally. Thorton had a capital balance of $29,370 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.