Craig roberts purchased one-half of ennis leighton’s interest in the vale and leighton partnership for $36,300. prior to the investment, land was revalued to a market value of $163,080 from a book value of $85,810. tony vale and ennis leighton share net income equally. leighton had a capital balance of $29,300 prior to these transactions. required: a. on december 31, provide the journal entry for the revaluation of land. b. on december 31, provide the journal entry to admit roberts.

A. On December 31, provide the journal entry for the revaluation of land:

Land: Debit $77,270

Tony Vale's capital: Credit $38,635

Ennis Leighton's capital: Credit $38,635

B. On December 31, provide the journal entry to admit Roberts.

Craig Roberts's capital:  Credit $36,300

Tony Vale's capital: Debit $18,150

Ennis Leighton's capital: Debit $18,150

Explanation:

A. Increase Land value = a market value of $163,080 - book value of $85,810 = $77,270, which then allocate to Tony and Ennis equally, $38,635 = $77,270/ 2

B. Increase Craig Roberts's capital in the Vale and Leighton partnership for $36,300, which then decrease interest of 2 current shareholder equally $18,150 per.

answer; communities of interest; i believe this is correct, plz check first good luck;

agriculture and oil. natural resources, industry.