The ABC partnership had net income of $100,000 for 2018. They simply allocate profits

and losses in the ratio 5:3:2. After completing the schedule of income distribution and closing the

12/31/2018 books, they discovered that $30,000 was spent on a piece of land in December 2018

that was expensed. They are still able to reopen the books, make financial accounting

adjustments, and revise any tax documents that were already prepared. Please provide 1) a

written explanation of what should happen in at least two coherent professional sentences, and 2)

the adjusting journal entry for financial accounting purposes prior to reclosing the books.