Revaluing and Contributing Assets to a Partnership Blake Nelson invested $61,000 in the Lawrence & Kerry partnership for ownership equity of $61,000. Prior to the investment, land was revalued to a market value of $351,000 from a book value of $258,000. Lynne Lawrence and Tim Kerry share net income in a 1:3 ratio. Provide the journal entry for the revaluation of land. For a compound transaction, if an amount box does not require an entry, leave it blank. Provide the journal entry to admit Nelson