Prado and Nicks had $20,000 and $50,000, respectively, in their January 1 capital balances. Net income for the year was $30,000. How much net income should be distributed to Prado and Nicks? Aasif Safar purchased one-half of Michael Thorton’s interest in the Vale and Thorton partnership for $34,000. Prior to the investment, land was revalued to a market value of $150,000 from a book value of $80,000. Tony Vale and Michael Thorton share net income equally. Thorton had a capital balance of $28,000 prior to these transactions. Provide the journal entry for the revaluation of land. Provide the journal entry to admit Safar. Demarco Lee invested $60,000 in the Camden and Sayler partnership for ownership equity of $60,000. Prior to the investment, equipment was revalued to a market value of $39,000 from a book value of $30,000. Kevin Camden and Chloe Sayler share net income 561 in a 2:1 ratio. Provide the journal entry for the revaluation of equipment.Show transcribed image text
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