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Provide the journal entry for the revaluation of land

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Reference no: EM133146290

Question - Watson purchased one-half of Dalton's interest in the Patton and Dalton Partnership for $45,000. Prior to the investment, land was revalued to a market value of $135,000 from a book value of $93,000. Patton and Dalton share net income equally. Dalton had a capital balance of $35,000 prior to these transactions.

Required -

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 Watson.

Reference no: EM133146290

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