On January 1, 2018, Maihers contributes land in a partnership with Phillips. Maihers purchased the land in 2013 for $225,000. A real estate appraiser now values the land at $425,000. Maihers wants $425,000 capital in the new partnership, but Phillips objects. Phillips believes that Maihers's capital contribution should be measured by the book value of his land. Phillips and Maihers seek your advice. Read the requirements. Requirement 1. Which value of the land is appropriate for measuring Maihers's capital-book value or current market value? Maihers's capital contribution of land should be valued at Requirement 2. Give the partnership's journal entry to record Maihers's contribution in the business. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Accounts and Explanation Debit Credit Date 2018 Jan. 1