Revaluing and Purchasing an Interest from Existing Partner Instruction Chart of Accounts Journal Instructions Greg Thomas purchased one half of lan Hamilton's interest in the Freidman and Hamilton partnership for $32.400 Prior to the investment, and was revalued to a market value of $166,000 from a book value of $6000 Adam Freidman and lan Hamilton share net income equally Hamilton had a capital balance of $30,300 prior to these transactions Required: a On December 31, provide the journal entry for the revaluation of land b. On December 31, provide the journal entry to admit Thomas "Refer to the chart of accounts for the exact wording of the account CNOW journale do not use Ines for oumal explanations Every ine on a joumat pape is used for dobit or credit entries CNOW journals will automatically indent a credit entry when a credit amount is entered Next All work saved Email instructor Submit Test for Gra E AL 2 2 g 06 5:49 1242