Instructions Chart of Accounts Instructions Journal Greg Thomas purchased one half of lan Hamilton's interest in the Fredman and Hamilton partnership for $32,400 Prior to the investment, land was revalued to a market value of $100,000 from a book value of $56,000 Adam Fredman and lan Hamilton share net income equally. Hamion had a capital balance of $30,300 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 sites CNOW joumals do not use lines for journal explanations. Every line on a joumal page is used for debit or credit entries CNOW joumals will automatically indent a credit entry when a credit amount is entered Check My Work Next Instructions Chart of Accounts Journal Instrui Chart of Accounts ASSETS Greg 1 110 Cash book 111 Petty Cash REVENUE 410 Sales 610 Interest Revenue R 112 Accounts Receivable a 113 Allowance for Doubtful Accounts b 114 Interest Receivable 115 Notes Receivable. 116 Inventory 117 Office Supplies 118 Store Supplies 119 Prepaid Insurance 120 Land 123 Equipment 124 Accumulated Depreciation Equipment 129 Asset Revaluations 133 Patent EXPENSES 510 Cost of Merchandise Sold 520 Salaries Expense 521 Advertising Expense 522 Depreciation Expense-Equipment 523 Delivery Expense 524 Repairs Expense 529 Selling Expenses - 531 Rent Expense 533 Insurance Expense 534 Office Supplies Expense 535 Store Supplies Expense 6000 oma aluing and Purchasing an Interest from Existing Partner nstructions Chart of Accounts Journal ructions Joumal Thom valu Requ JOURNAL On DATE DOCRIPTION POST RE CREDIT b. On AGE TO ACCOUNTING EQUATION