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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.
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A hotel group prepares financial statements on a quarterly basis. The senior management is reviewing the performance of one hotel and making plans for next year. The managers have in front of them the results for this year (based on some actual r..
x company uses the high-low method to predict maintenance costs each month with maintenance hours as the activity
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Describe for the students the primary objectives of accounting.
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