How Calcio Revaluing and Contributing Assets to a Partnership Demarco Lee invested $29,000 in the Camden & Sayler partnership for ownership equity of $29,000. Prior to the investment, equipment was revalued to a market value of $316,000 from a book value of $274,000. Kevin Camden and Chloe Sayler share net income in a 12 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 b. Provide the journal entry to admit Lee