Business, 03.12.2019 06:31 griffinalexis2780

Wonder purchased one-half of darwin's interest in the todd and darwin partnership for $50,000. prior to the investment, land was revalued to a market value of $175,000 from a book value of $100,000. todd and darwin share net income equally. darwin had a capital balance of $40,000 prior to these transactions. required:

a. provide the journal entry for the revaluation of land.*

b. provide the journal entry to admit wonder.* *refer to the chart of accounts for exact wording of account titles.

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Wonder purchased one-half of darwin's interest in the todd and darwin partnership for $50,000. prior...