On January 1, 2014, Steven Mables contributes land in a partnership with Fred Williams Maths purchased the land in 2010 for $200,000. A real estate appraiser now values the land at $425,000. Mables wants $425,000 capital in the new partnership, but William objects. Williams believes that Mables's capital contribution should be measured by the book value of his land Williams and Mables seek your adviceRequirements 1. Which value of the land is appropriate for measuring Mables's capital-book value or current market value? 2. Give the partnership's journal entry to record Mables?s contribution in the businessRequirement 1. Which value of the land is appropriate for measuring Mables's capital- book value a current market value? Mable?s capital contribution of should he valued at Requirement 2. Give the partnership?s journal entry to record Mables's contribution in the business