Craig roberts purchased one-half of ennis leighton’s interest in the vale and leighton partnership for $34,000. prior to the investment, land was revalued to a market value of $130,000 from a book value of $80,000. tony vale and ennis leighton share net income equally. leighton had a capital balance of $36,000 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 roberts.*
*refer to the chart of accounts for exact wording of account titles.
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