Admission of new partnerRevaluation Assume that Partners A and B have Capital Accounts equal to $780,000 and $585,000, respectively. Partners A and B share profits equally. Partner C wants to join the partnership as one-third partner. Partner C contributes $819,000 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 $1,170,000 million. The land and building are currently reported on the partnership balance sheet at $975,000.

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 $819,000. Assume that despite the evidence of a previously unrecognized intangible asset, the partners do not wish to record the intangible asset.

Please help with the incorrect answers.

Credit Debit 195,000 > 0 > 0 > 0 X X 0 General Journal Description Land and Buildings Partner A, Capital Partner B, Capital To revalue land and buildings prior to admission of Partner C. Cash Partner A Capital Partner B, Capital Partner C, Capital To record purchase of partnership interest by C. 819,000 0 > X X X