Marquis Westbury invested $49,000 in the Trenton and Rainwater partnership for ownership equity of $49,000. Prior to the investment, equipment was revalued to a market value of $358,000 from a book value of $280,000. Daniel Trenton and Ann Marie Rainwater share net income in a 1:3 ratio.
Required:
a. Provide the journal entry for the revaluation of equipment. If an amount box does not require an entry, leave it blank.