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Craig Roberts purchased one-half of Ennis Leighton's interest in the Vale and Leighton partnership for $36,300. Prior to the investment, land was revalued to a market value of $163,080 from a book value of $85,810. Tony Vale and Ennis Leighton share net income equally. Leighton had a capital balance of $29,300 prior to these transactions.
Required:
Problem A. On December 31, provide the journal entry for the revaluation of land.
Problem B. On December 31, provide the journal entry to admit Roberts.
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