Problem 19-106 Nancy Conradt and Chris Russell...

Nancy Conradt and Chris Russell are partners who share profits and losses in the ratio of 60:40, respectively. On December 31, 2019, they decide that Russell will sell one-half of his interest to Pam Ortega. At that time, the balances of the capital accounts are $500,000 for Conradt and $700,000 for Russell. The partners agree that before the new partner is admitted, certain assets should be revalued. These assets include merchandise inventory carried at $411,200 revalued at $403,600, and a building with a book value of $260,000 revalued at $450,000.

Record the revaluation entries and Determine the capital balances of the two existing partners after the revaluation is made.

Nancy Conradt and Chris Russell are partners who share profits and losses in the ratio of 60:40, respectively. On December 31, 2019, they decide that Russell will sell one-half of his interest to Pam Ortega. At that time, the balances of the capital accounts are $500,000 for Conradt and $700,000 for Russell. The partners agree that before the new partner is admitted, certain assets should be revalued. These assets include merchandise inventory carried at $411,2 00 revalued at $403,600, and a building with a book value of $260,000 revalued at $450,000. Record the revaluation entries and Determine the capital balances of the two existing partners after the revaluation is made. Complete this question by entering your answers in the tabs below. General Journal Capital Balance Record the revaluation entries View transaction list Journal entry worksheet 1 Record the revaluation of assets and allocation of gain to partners. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 2019 Problem 19-106 Nancy Conradt and Chris Russell... Nancy Conradt and Chris Russell are partners who share profits and losses in the ratio of 60:40, respectively. On December 31, 2019, they decide that Russell will sell one-half of his interest to Pam Ortega. At that time, the balances of the capital accounts are $500,000 for Conradt and $700,000 for Russell. The partners agree that before the new partner is admitted, certain assets should be revalued. These assets include merchandise inventory carried at $411,200 revalued at $403,600, and a building with a book value of $260,000 revalued at $450,000. Record the revaluation entries and Determine the capital balances of the two existing partners after the revaluation is made. Complete this question by entering your answers in the tabs below. General Capital Journal Balance Determine the capital balances of the two existing partners after the revaluation is made. Capital Balance Conradt Russell General Journal Capital Balance