Financial Accounting
Financial Accounting
15th Edition
ISBN: 9781337272124
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 12, Problem 3PEA

a.

To determine

Provide journal entry for revaluation of Land.

b.

To determine

Provide journal entry to admit R.

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Revaluing and Contributing Assets to a Partnership Marquis Westbury invested $46,000 in the Trenton and Rainwater partnership for ownership equity of $46,000. Prior to the investment, equipment was revalued to a market value of $317,000 from a book value of $242,000. Daniel Trenton and Ann Marie Rainwater share net income in a 1:3 ratio. Required: a. Provide the journal entry for the revaluation of equipment. If an amount box does not require an entry, leave it blank. Equipment Daniel Trenton, Capital Ann Marie Rainwater, Capital Feedback Check My Work Cash 75,000 b. Provide the journal entry to admit Westbury. If an amount box does not require an entry, leave it blank. Marquis Westbury, Capital 18,750
evaluing and Contributing Assets to a Partnership Marquis Westbury invested $55,000 in the Trenton and Rainwater partnership for ownership equity of $55,000. Prior to the investment, equipment was revalued to a market value of $314,000 from a book value of $236,000. Daniel Trenton and Ann Marie Rainwater share net income in a 1:2 ratio. Question Content Area Required: a.  Provide the journal entry for the revaluation of equipment. If an amount box does not require an entry, leave it blank. blank   Equipment                       Question Content Area b.  Provide the journal entry to admit Westbury. If an amount box does not require an entry, leave it blank. blank   - Select - - Select -     - Select - - Select -
Admitting New Partner Who Contributes Assets After the tangible assets have been adjusted to current market prices, the capital accounts of Grayson Jackson and Harry Barge have balances of $93, 000 and $ 130,000, respectively. Lewan Gorman is to be admitted to the partnership, contributing $62,000 cash to the partnership, for which he is to receive an ownership equity of $81,000. All partners share equally in income. Question Content Area a. Journalize the entry to record the admission of Gorman, who is to receive a bonus of $19,000. If an amount box does not require an entry, leave it blank. blank Cash 62,000 Lewan Gorman, Drawing 81,000 Harry Barge, Capital 19,000 Lewan Gorman, Capital 81,000 Question Content Area b. What are the capital balances of each partner after the admission of the new partner? Partner Balance Grayson Jackson Sfill in the blank a4bbb009305cfea_1 155,000 Harry Barge Sfill in the blank a4bbb009305 cfea_2 11,000 Lewan Gorman Sfill in the blank a4bbb009305cfea_3…

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Financial Accounting

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