Jeff Adams invested $50,000 in the Warner & Kimball partnership for ownership equity of $50,000....
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Accounting
Jeff Adams invested $50,000 in the Warner & Kimball partnership for ownership equity of $50,000. Prior to the investment, land was revalued to a market value of $245,000 from a book value of $210,000. Rachel Warner and Bryan Kimball share net income in a 1:2 ratio.
Provide the journal entry to admit Nelson.
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