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Blake Nelson invested $42,000 in the Lawrence & Kerry partnership for ownership equity of $42,000. Prior to the investment, land was revalued to a market
Blake Nelson invested $42,000 in the Lawrence & Kerry partnership for ownership equity of $42,000. Prior to the investment, land was revalued to a market value of $301,000 from a book value of $235,000. Lynne Lawrence and Tim Kerry share net income in a 1:3 ratio.
a. Provide the journal entry for the revaluation of land.
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