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: Question Content Area a. Provide the journal entry for the revaluation of land. If an amount box does not require an entry, leave it blank. blank Question Content Area b. Provide the journal entry to admit Wonder.

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12-06-2024
Business

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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: Question Content Area a. Provide the journal entry for the revaluation of land. If an amount box does not require an entry, leave it blank. blank Question Content Area b. Provide the journal entry to admit Wonder.

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