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Business, 12.10.2020 21:01 carterkelley12oz0kp1

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.

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Craig Roberts purchased one-half of Ennis Leighton’s interest in the Vale and Leighton partnership f...
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