Jamarcus Webster purchased one-half of Dew Akin's interest in the Perry and Akins partnership for 25,000. Prior to the investment, land was revalued to a market value of 100,000 from a book value of 84,000. Weston Perry and Drew Akins share net income equally. Akins has 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 webster

Anyone can help?

Question

Jamarcus Webster purchased  one-half of Dew Akin's interest in the Perry and Akins partnership for  25,000. Prior to the investment, land was revalued to a market value of 100,000 from a book value of 84,000. Weston Perry and Drew Akins share net income equally. Akins has 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 webster

Anyone can help?

anonymous · Answer

I am looking for the change to the capital accounts for Yancy and Webster (after the land has been added to Yancy).