Blake nelson invested 67000 in the lawrence kerry, Accounting Basics

+44 141 628 6080
[email protected]

Blake nelson invested 67000 in the lawrence kerry

Problem

Revaluing and Contributing Assets to a Partnership

Blake Nelson invested $67,000 in the Lawrence & Kerry partnership for ownership equity of $67,000. Prior to the investment, land was revalued to a market value of $416,000 from a book value of $320,000. Lynne Lawrence and Tim Kerry share net income in a 1:2 ratio.

a. Provide the journal entry for the revaluation of land.

For a compound transaction, if an amount box does not require an entry, leave it blank.

b. Provide the journal entry to admit Nelson.

View Complete Question

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Blake nelson invested 67000 in the lawrence kerry

Reference No:- TGS02765103

Expected delivery within 24 Hours

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Asked Questions

How teenagers in an impoverished urban area spend their time

The purpose is to examine the psychological factors affecting how teenagers in an impoverished urban area spend their time outside of school using:

Describe some of your personality traits

Adler believed that your birth order determines, to a large extent, your personality. He stated that your traits reflect, somehow, how you have achieved

Problem concerning consensual sexual relationship

Question: Jena and Ben are employees of Big City Electronics. They began to have a consensual sexual relationship.

Discuss children diagnosed with developmental disabilities

When Min decided to begin his supervised field experience, he applied at a company in his hometown that provided applied behavior analysis

Why you feel unpleasantly hot and sweaty

Working in the yard, you feel unpleasantly hot and sweaty when you come in the house, so you take a shower and begin to feel better.

Discuss three ethical guidelines that are important

Identify and discuss three ethical guidelines that are important to consider when designing an 8-week group for adolescents who are referred

Identify one antecedent, one behaviour, and one consequence

Sahir is the most active student in your kindergarten class. He tends to be very disruptive when the teacher you work with is teaching the class,

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Blake nelson invested 67000 in the lawrence kerry

Reference No:- TGS02765103

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Assume purchasing power parity holds and a big mac sells

Q : Aaron and rogers cpas earned 8654900 during 2016 using 71

Q : Comp1805b - w18 assignment - you may assume that the

Q : List some of the problems with the use of roe and in your

Q : Blake nelson invested 67000 in the lawrence kerry

Q : What types of sanctions were used by ceo jeff skilling and

Q : The retained earnings balance was 22 900 on january 1 net

Q : What would your total rate of return be after one year be

Q : Williams medical center inc is a small health care provider