Wonder purchased one-half of Darwin's interest in the Todd and Darwin Partnership for $50,000. Prior to the investment, land was revalued to a market value of $175,000 from a book value of $100,000. Todd and Darwin share net income equally. Darwin had a capital balance of $40,000 prior to these transactions.

Required

(a) Provide the journal entry for the revaluation of land.

(b) Provide the journal entry to admit Wonder.