Debra and Merina sell electronic equipment and supplies through their partnership. They wish to expand their computer lines and decide to admit Wayne to the partnership. They share income in a ratio of $3$:$2.$

Required:

e$.$ Wayne directly purchases a$.25$ percent interest by paying Debra $$80,000$ and Merina $$60,000.$ The land account is increased before Wayne is admitted.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

A

B

Record the revaluation of land.