Aasif Safar purchased one-half of Michael Thortons interest in the Vale and Thorton partnership for $35,250. Prior to the investment, land was revalued to a market value of $150,450 from a book value of $78,160. Tony Vale and Michael Thorton share net income equally. Thorton had a capital balance of $29,420 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.