Greg Thomas purchased one-half of Ian Hamiltons interest in the Freidman and Hamilton partnership for $34,580. Prior to the investment, land was revalued to a market value of $158,000 from a book value of $82,000. Adam Freidman and Ian Hamilton share net income equally. Hamilton had a capital balance of $29,400 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 credit entry when a credit amount is entered.