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Provide the journal entry to admit webster

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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. 

Reference no: EM131125713

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