Craig Roberts purchased one-half of Ennis Leighton’s interest in the Vale and Leighton partnership for $34,000. Prior to the inv

Question

3 years ago

11

Craig Roberts purchased one-half of Ennis Leighton’s interest in the Vale and Leighton partnership for $34,000. Prior to the inv

estment, land was revalued to a market value of $130,000 from a book value of $80,000. Tony Vale and Ennis Leighton share net income equally. Leighton had a capital balance of $36,000 prior to these transactions.Required:A. On December 31, provide the journal entry for the revaluation of land.B. On December 31, provide the journal entry to admit Roberts.

Business

1 answer:

Alborosie · Answer 1 · 2022-05-26T23:42:12+03:00

Alborosie3 years ago

3 0

Answer:

Explanation:

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