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Provide the journal entry for the revaluation of land

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Reference no: EM132784988

Problem - Blake Nelson invested $45,000 in the Lawrence & Kerry partnership for ownership equity of $45,000. Prior to the investment, land was revalued to a market value of $260,000 from a book value of $200,000. Lynne Lawrence and Tim Kerry share net income in a 1:2 ratio.

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

b. Provide the journal entry to admit Nelson.

Reference no: EM132784988

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