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Part A. Journal Entry for Revaluation of Land
Date Account Debit Credit
Dec 31 Land $ 76,730
    Tony Vale, Capital $ 38,365
    Ennis Leighton, Capital $ 38,365
(156730-80000)*50%
(being land revalued)
Dec 31 Ennis Leighton, Capital $ 33,298
    Craig Roberts, Capital $ 33,298
(28230+38365)*50%
(being craig admitted)
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