S12-2 please show your work

S12-2 (similar to) QLesion Help On January 1, 2018, Maihers contributes land in a partnership with Brooks. Maihers purchased the land in 2013 for $250,000, A real estate appraiser now values the land at $425,000, Maihers wants $425,000 capital in the new partrnership, but Brooks objects. Brooks believes that Maihers's capital contribution should be measured by the book value of his land. Brooks and Maihers seek your advice Read the requirements Requirement 1. Which value of the land is appropriate for measuring Maihers's capitalbook value or current market value? Maihers's capital contribution of land should be valued at current market value. Requirement 2. Give the partnership's journal entry to record Maihers's contribution in the business. (Record debits first, then credits. Select the explanation on the last line of the jounal entry table.) Credit Accounts and Explanation Debit Date Cancel 2018 Jan. 1 Choose from any list or enter any number in the input fields and then click Check Answer. Check Answer Clear All All narte ghowing. - X Requirements 1. Which value of the land is appropriate for measuring Maihers's capital book value or current market value? 2. Give the partnership's journal entry to record Maihers's contribution in the business. Done Print