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Shaded cells have feedback. Instructions Journal A. On December 31, provide the journal entry for the revaluation of land.* B. On December 31, provide the journal entry to admit Roberts.* * Refer to the Chart of Accounts for exact wording of account titles. Round your answers to the nearest dollar. Craig Roberts purchased one-half of Ennis Leighton's interest in the Vale and Leighton partnership for $35,250. Prior to the investment, land was revalued to a market value of $150,450 from a book value of $78,160. Tony Vale and Ennis Leighton share net income equally. Leighton had a capital balance of $29,420 prior to these transactions. How does grading work? PAGE 11 Required: JOURNAL Score: 54/63 ACCOUNTING EQUATION A. On December 31, provide the journal entry for the revaluation of land.* DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 72,290.00 B. On December 31, provide the journal entry to admit Roberts. * 36,145.00 Dec. 31 Land Tony Vale, Capital Ennis Leighton, Capital Dec. 31 Craig Roberts, Capital Ennis Leighton, Capital 36,145.00 * Refer to the Chart of Accounts for exact wording of account titles. Round your answers to the nearest dollar. Journal Shaded cells have feedback.X Instructions On December 31, provide the journal entry for Renfro's contribution to the partnership. Refer to the Chart of Accounts for exact wording of account titles. Holly Renfro contributed a patent, accounts receivable, and $23,120 cash to a partnership. The patent had a book value of $8,410. However, the technology covered by the patent appeared How does grading work? to have significant market potential. Thus, the patent was PAGE 10 JOURNAL Score: 68/73 ACCOUNTING EQUATION appraised at $86,860. The accounts receivable control account was $35,810, with an allowance for doubtful accounts of $1,980. The partnership also assumed a $10,930 account payable owed DESCRIPTION POST. REF. CREDIT ASSETS LIABILITIES EQUITY DATE Dec. 31 Patent DEBIT 86,860.00 to a Renfro's supplier. Accounts Receivable 35,810.00 Cash 23,120.00 On December 31, provide the journal entry for Renfro's Accounts Payable 10,930.00 contribution to the partnership. Refer to the Chart of Accounts for exact wording of account titles. 1,980.00 Allowance for Doubtful Accounts Holly Renfro, Capital