Amazon invested $128,000 in the Jungle and River partnership for ownership equity of $128,000. Prior to the investment, equipment was revalued to a market value of $90,000 from a book value of $72,000. Jungle and River share net income in a 2:1 ratio. ​ Required: (a) Provide the journal entry for the revaluation of equipment. (b) Provide the journal entry to admit Amazon.

On January 1, 2024, Morey, Incorporated, exchanged $180,575 for 25 percent of Amsterdam Corporation. Morey appropriately applied the equity method to this investment. At January 1, the book values of Amsterdam’s assets and liabilities approximated their fair values. On June 30, 2024, Morey paid $605,500 for an additional 70 percent of Amsterdam, thus increasing its overall ownership to 95 percent. The price paid for the 70 percent acquisition was proportionate to Amsterdam’s total fair value. At June 30, the carrying amounts of Amsterdam’s assets and liabilities approximated their fair values. Any remaining excess fair value was attributed to goodwill. Amsterdam reports the following amounts at December 31, 2024 (credit balances shown in parentheses): Revenues $ (291,000) Expenses 186,000 Retained earnings, January 1 (237,300) Dividends declared, October 1 10,000 Common stock (500,000) Amsterdam’s revenue and expenses were distributed evenly throughout the year, and no…

ROK Company purchased land from XYZ company by issuing 6,000 shares of it's $5 par value stock. At the time of the purchase, ROK's stock was selling for $20 a share and the land was worth $100,000. The journal entry to record this purchase would include a: Debit to Land of $100,000 O Debit to land of $30,000 O Debit to Land of $120,000 Credit to Common Stock of $120,000

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