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Business, 04.04.2020 13:06 williamsjako

Gavin invested $40,000 in the Jason and Kelly Partnership for ownership equity of $40,000. Prior to the investment, land was revalued to a market value of $363,000 from a book value of $174,000. Jason and Kelly share net income in a 1:2 ratio. a. Provide the journal entry for the revaluation of land. If an amount box does not require an entry, leave it blank.

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Gavin invested $40,000 in the Jason and Kelly Partnership for ownership equity of $40,000. Prior to...
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