Craig Roberts purchased one-half of Ennis Leightons interest in the Vale and Leighton partnership for $35,250. Prior to the investment, land was revalued to a market value of $150,450 from a book value of $78,160. Tony Vale and Ennis Leighton share net income equally. Leighton had a capital balance of $29,420 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.

CHART OF ACCOUNTSVale, Leighton, and RobertsGeneral Ledger

	ASSETS
110	Cash
111	Petty Cash
112	Accounts Receivable
113	Allowance for Doubtful Accounts
114	Interest Receivable
115	Notes Receivable
116	Inventory
117	Office Supplies
118	Store Supplies
119	Prepaid Insurance
120	Land
123	Equipment
124	Accumulated Depreciation-Equipment
129	Asset Revaluations
133	Patent

	LIABILITIES
210	Accounts Payable
211	Salaries Payable
213	Sales Tax Payable
214	Interest Payable
215	Notes Payable

	EQUITY
310	Tony Vale, Capital
311	Tony Vale, Drawing
312	Ennis Leighton, Capital
313	Ennis Leighton, Drawing
314	Craig Roberts, Capital
315	Craig Roberts, Drawing

	REVENUE
410	Sales
610	Interest Revenue

	EXPENSES
510	Cost of Merchandise Sold
520	Salaries Expense
521	Advertising Expense
522	Depreciation Expense-Equipment
523	Delivery Expense
524	Repairs Expense
529	Selling Expenses
531	Rent Expense
533	Insurance Expense
534	Office Supplies Expense
535	Store Supplies Expense
536	Credit Card Expense
537	Cash Short and Over
538	Bad Debt Expense
539	Miscellaneous Expense
710	Interest Expense