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Provide the journal entry for the revaluation of land

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Gavin invested $90,000 in the Jason and Kelly Partnership for ownership equity of $90,000. Prior to the investment, land was revalued to a market value of $640,000 from a book value of $400,000. Jason and Kelly share net income in a 1:2 ratio.

Question a. Provide the journal entry for the revaluation of land

Question b. Provide the journal entry to admit Gavin

Reference no: EM132544864

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