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.Show transcribed image text 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.
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