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Revaluing and contributing assets to a partnership

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Revaluing and contributing assets to a partnership

Antoine Dodd purchased one-half of Kyle Bryan's interest in the Rich and Bryan partnership for $24,000. Prior to the investment, land was revalued to a market value of $110,000 from a book value of $84,000. Zach Rich and Kyle Bryan share net income equally. Bryan had a capital balance of $25,000 prior to these transactions.

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

b. Provide the journal entry to admit Dodd.

Reference no: EM13534136

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