Floyd and Merriam start a partnership business on June 12, 2025. Their capital account balances as of December 31, 2026 stood as follows: Floyd $54,000 Merriam 19,000 Floyd and Merriam share profits and losses equally. They agreed to dissolve the partnership and start a new one, admitting Ramelow for onehalf share in the capital in exchange for land with a market value of $69,000. Which of the following is the correct journal entry to record the introduction of Ramelow as a partner?

A. Merriam, Capital 34,500 Floyd, Capital 34,500 Ramelow, Capital 69,000

B. Land 69,000 Merriam, Capital 1,000 Floyd, Capital 1,000 Ramelow, Capital 71,000

C. Floyd, Capital 69,000 Ramelow, Capital 69,000

D. Land 69,000 Ramelow, Capital 69,000