Admission of new partner-Revaluation Assume that Partners A and B have Capital Accounts equal to $480,000 and $240,000, respectively. Partner C wants to join the partnership as one-third partner. Partner C contributes $1,020,000 in cash to the partnership in return for a one-third interest. Prior to the admission of Partner C, Partners A and B wish to revalue the long-term assets of the partnership. They obtain an appraisal of the land and building that indicates a current value of $1.2 million. The land and building are currently reported on the partnership balance sheet at $240,000. Record the journal entry on the books of the partnership to reflect the revaluation of the land and building and the admission of Partner C with a capital contribution of $1,020,000. Assume that despite the evidence of a previously unrecognized intangible asset, the partners do not wish to record the intangible asset. General Journal Description Debit Credit Land and Buildings 960,000