Please complete both journals! as soon as possible!

Instructions Ouvin invested 541,000 in the son and Katy Partnership for one gulty of 541.000. Prior to the investment and was revued to a market value of $434,000 from a book value of 101.000. Jason and Kelly share not income in a 12 ratio Required: 2. Prove the many for the relation and Provide the journal entry to admit Gavin er to the art of Accounts for exact worry of accounties ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 113 Allowance for Doubtful Accounts 114 Interest Receivable 115 Notes Receivable 116 Merchandise Inventory 117 Supplies 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building 125 Equipment 126 Accumulated Depreciation-Equipment 129 Asset Revaluations 133 Patent REVENUE 410 Sales 610 Interest Revenue EXPENSES 511 Cost of Merchandise Sold 521 Salary Expense 531 Advertising Expense 532 Utilities Expense 533 Repairs Expense 534 Supplies Expense 535 Rent Expense 536 Insurance Expense 541 Bad Debt Expense 542 Credit Card Expense 543 Cash Short and Over 551 Depreciation Expense-Building 553 Depreciation Expense-Equipment 591 Miscellaneous Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Gavin, Capital 311 Gavin, Drawing 312 Jason, Capital 313 Jason, Drawing 314 Kelly, Capital 315 Kelly, Drawing General Journal Provide the journal entry for the revaluation of land on December 31. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 JOURNAL DATE DESCRIPTION POST. REF DEBIT CREDIT 1 Land 243,000.00 2 81,000.00 lason, Capital Kelly, Capital 1 162,000.00 Provide the journal entry to admit Gavin on December 31. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 13,667.00 2