Provide the journal entry for the revaluation of land

Assignment Help Financial Accounting
Reference no: EM133436051

Question: Watson purchased one-half of Dalton's interest in the Patton and Dalton partnership for $40,000. Prior to the investment, land was revalued to a market value of $135,000 from a book value of $100,000. Patton and Dalton share net income equally. Dalton had a capital balance of $30,000 prior to these transactions.

Required: a. Provide the journal entry for the revaluation of land b. Provide the journal entry to admit Watson.

Reference no: EM133436051

Questions Cloud

Discuss the article bar stool economics : Read and discuss the article "Bar Stool Economics" I expect you to discuss your thoughts, agreements, disagreements, questions, etc.
What is the cost of the preferred stock, including flotation : The stock is currently selling for $98.50, but flotation costs will be 8% of the market price, so the net price will be $90.62 per share. What is the cost
What is pearson cost of common equity : Pearson's CFO estimates that the company's WACC is 11.30%. What is Pearson's cost of common equity? Do not round intermediate calculations.
Describe the asymmetric information problem : Describe the asymmetric information problem(s) and label the type of asymmetric information problem (i.e., principal-agent, moral hazard, adverse selection).
Provide the journal entry for the revaluation of land : Provide the journal entry for the revaluation of land Provide the journal entry to admit Watson.
How many seats will taylor sell : Then for some reason they change the price to $220. If the Price Elasticity of Demand is 1.1 how many seats will Taylor sell?
Describe the concept of a compliance management system : Describe the concept of a "Compliance Management System" within the context of a financial services institution (e.g. bank) in your own words.
How much must you invest at the end of each year : You wish to have $100,000 after ten years for a major purchase such as a boat. How much must you invest at the end of each year if you earn 8 percent annually
Calculate domestic equilibrium price and quantity : Sketch a basic diagram of the Australian market for onions, with calculated domestic equilibrium price and quantity, and label axis intercepts.

Reviews

Write a Review

Financial Accounting Questions & Answers

  After-tax operating income

Carolina Corporation has an after-tax operating income of $3,240,000 and a 8% weighted-average cost of capital. Assets total $7,040,000 and current liabilities total $1,840,000. On the basis of this information, Carolina's economic value added is:

  Which is an example of a provision falling within the scope

Which is an example of a provision falling within the scope of IAS 37? Which business enterprise reports an impairment loss on a long-lived asset to be held?

  What type of stock does a stockholder need to have the right

What type of stock does a stockholder need to have the right to vote in corporate matters? Preferred stock./ Treasury stock. / Common stock

  What is the machine acquisition cost

What is this machine's acquisition cost? Kipling Inc. purchased a machine on May 31 for $64000, paying cash. The company also paid $500 for freight

  Calculate the premium or discount on the bonds

Calculate the premium or discount on the bonds. On July 1, 2020, the company issued bonds with a face value of $5,522,000 due in 5 years

  Explain the connection between behaviors and attitudes

Explain the connection between behaviors and attitudes: Attitudes that you typically express on a day-to-day basis are ones that your memory naturally exhibits

  Discuss the role of securities commission malaysia

Suggest ways to further enhance the existing duties of SC in order to improve the reliability of accounting information to the users of financial statements.

  What would be their average tax rate

who is married but files separately, earns $80,000 of taxable income. He also has $15,000 in city of His wife, earns $50,000 of taxable income.and his "wife

  Which of the benefits provided by an employer is considered

Which of the benefits provided by an employer is considered part of employment income - Canada? subsidized meals provided in employer facilities

  What characteristics are good leadership traits

Discuss the difference between charismatic leadership and transformation leadership. Discuss what characteristics are good leadership traits

  What is the gross profit margin

Swank Clothiers had sales of $363,000 and cost of goods sold of $343,000. What is the gross profit margin (ratio of gross profit to sales)

  What is the cost of equity for whitehall camps

Dividends have been increasing by 2.2 percent each year and are expected to continue this trend. What is the cost of equity if the stock sells for $22.89 share?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd