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Greg Thomas purchased one-half of Ian Hamiltons interest in the Freidman and Hamilton partnership for $49,500. Prior to the investment, land was revalued to a
Greg Thomas purchased one-half of Ian Hamiltons interest in the Freidman and Hamilton partnership for $49,500. Prior to the investment, land was revalued to a market value of $189,200 from a book value of $116,400. Adam Freidman and Ian Hamilton share net income equally. Hamilton had a capital balance of $52,400 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 Thomas.* *Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a
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