1. Jamarcus Webster purchased one-half of Drew Akins'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 had 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.