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Provide the journal entry for the revaluation of land

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Problem - Gavin invested $40,000 in the Jason and Kelly Partnership for ownership equity of $40,000. Prior to the Investment, land was revalued to a market value of $275,000 from a book value of $176,000. Jason and Kelly share net income in a 1:2 ratio.

a. Provide the journal entry for the revaluation of land. If an amount box does not require an entry, leave it blank.

b. Provide the journal entry to admit Gavin.

Reference no: EM132956985

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