Lori Jones invested $60,000 in the Michael Bauer and Nathaniel Pearson partnership for ownership equity of $60,000. Prior to the investment, equipment was revalued to a market value of $75,000 from a book value of $33,000. Michael and Nathaniel share net income equally.

a.) Provide the journal entry for the revaluation of the equipment.

b.) Provide the journal entry to admit Lori Jones.