Craig Roberts purchased one-half of Ennis Leightons interest in the Vale and Leighton partnership for $33,760. Prior to the investment, land was revalued to a market value of $142,260 from a book value of $78,830. Tony Vale and Ennis Leighton share net income equally. Leighton had a capital balance of $30,480 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 Roberts.*

*Refer to the Chart of Accounts for exact wording of account titles. Round your answers to the nearest dollar.