Watson purchased one-half of Dalton's interest in the Patton and Dalton Partnership for $45,000. Prior to the investment, land was revalued to a market value of $135,000 from a book value of $93,000. Patton and Dalton share net income equally. Dalton had a capital balance of $35,000 prior to these transactions. Required: a. Provide the journal entry for the revaluation of land. If an amount box does not require an entry, leave it blank. Land 42,000 Patton, Capital 21,000 Dalton, Capital 21,000 b. Provide the journal entry to admit Watson. Dalton, Capital 35,000 X Watson, Capital 35,000 X