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.

Journal

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.

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JOURNAL

ACCOUNTING EQUATION

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1
2
3
4
5