54 My Home CengageNOWv2 | Onlin X *Course Hero G Demarco Lee invested $26,( + V X O A https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Ch 12-2 Practice Exercises eBook Show Me How Calculator Print Item 1. PE. 12-01.ALGO Revaluing and Contributing Assets to a Partnership ? 2. PE. 12-02.ALGO Demarco Lee invested $26,000 in the Camden & Sayler partnership for ownership equity of $26,000. Prior to the investment, equipment was revalued to a market value of $283,000 from a book value of $241,000. Kevin Camden and Chloe Sayler share net income in a 1:2 ratio. 3. PE. 12-03.ALGO Required: 4. PE. 12-4.ALGO a. Provide the journal entry for the revaluation of equipment. For a compound transaction, if an amount box does not require an entry, leave it blank. 5. PE. 12-05.ALGO 6. PE. 12-06.ALGO b. Provide the journal entry to admit Lee. Progress: 3/6 items Check My Work 2 more Check My Work uses remaining. Previous Next Type here to search O Fi a 8:48 PM 3/27/2020