Revaluing and contributing assets to a partnership

Craig Roberts purchased one-half of Ennis Leighton's interest in the Vale and Leighton partnership for $34,000. Prior to the investment, land was revalued to a market value of $130,000 from a book value of $80,000. Tony Vale and Ennis Leighton share net income equally. Leighton had a capital balance of $36,000 prior to these transactions.

Show your work.

1. Provide the journal entry for the revaluation of land.
2. Provide the journal entry to admit Roberts.
3. What accounting method is used to record the admission of Roberts?
4. . Suggest an alternative method that could have been used to account for the admission of Roberts. Explain the difference.