Aasif Safar purchased one-half of Michael Thortons interest in the Vale and Thorton partnership for $34,000. Prior to the investment, land was revalued to a market value of $150,000 from a book value of $80,000. Tony Vale and Michael Thorton share net income equally. Thorton had a capital balance of $28,000 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.

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.

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JOURNAL

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