Gavin invested $42,000 in the Jason and Kelly Partnership for ownership equity of $42,000. Prior to the investment, land was revalued to a market value of $412,000 from a book value of $211,000. Jason and Kelly share net income in a 1:2 ratio. Required: a. Provide the journal entry for the revaluation of land* b. Provide the journal entry to admit Gavin "Refer to the Chart of Accounts for exact wording of account titles.

Gavin invested $42,000 in the Jason and Kelly Partnership for ownership equity of $42,000. Prior to the investment, land was revalued to a market value of $412,000 from a book value of $211,000. Jason and Kelly share net income in a 1:2 ratio. Required: a. Provide the journal entry for the revaluation of land* b. Provide the journal entry to admit Gavin "Refer to the Chart of Accounts for exact wording of account titles.

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter12: Accounting For Partnerships And Limited Liability Companies

Section: Chapter Questions

Problem 3PEA

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