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Gavin invested $45,000 in the Jason and Kelly partnership for ownership equity of $45,000. Prior to the investment land was re-valued to a market value
Gavin invested $45,000 in the Jason and Kelly partnership for ownership equity of $45,000. Prior to the investment land was re-valued to a market value of $320,000 from a book value of $200,000. Jason and Kelly share net income in a 1:2 ratio a. Provide the journal entry for the revaluation of land b. Provide the journal entry to admit Gavin
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Study Guide To Accompany Financial Accounting In An Economic Context
Authors: Jamie Pratt
6th Edition
0471731110, 978-0471731115
