On January 1, 2024, Mabeus contributes land in a partnership with Thomas. Mabeus purchased the land in 2019 for $350,000. A real estate appraiser now values the land at $725,000. Mabeus wants $725,000 capital in the new partnership, but Thomas objects. Thomas believes that Mabeus's capital contribution should be measured by the book value of his land. Thomas and Mabeus seek your advice. Read the requirements. Requirement 1. Which value of the land is appropriate for measuring Mabeus's capital-book value or current market value? Mabeus's capital contribution of land should be valued at Requirement 2. Give the partnership's journal entry to record Mabeus's contribution in the business. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date 2024 Jan. 1 Accounts and Explanation Debit Credit