Demarco Lee invested $75,000 in the Camden & Sayler partnership for ownership equity of $75,000. Prior to the investment, equipment was revalued to a market value of $386,000 from a book value of $290,000. Kevin Camden and Chloe Sayler share net income in a 1:3 ratio.

Required:

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.

For a compound transaction, if an amount box does not require an entry, leave it blank. b. Provide the journal entry to admit Lee. Accounts Receivable Cash Equipment b. try to admit L Kevin Camden, Capital Chloe Sayler, Drawing Chloe Sayler, Capital