Revaluing and Contributing Assets to a Partnership Demarco Lee invested $44,000 in the Camden & Sayler partnership for ownership equity of $44,000. Prior to the investment, equipment was revalued to a market value of $320,000 from a book value of $254,000. Kevin Camden and Chloe Sayler share net income in a 1:2 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 Partner Bonus Burns has a capital balance of $65,000 after adjusting assets to fair market value Van Ness contributes $35,000 to receive a 45% Interest in a new partnership with Burns Determine the amount and recipient of the partner bonus. Amount of bonus Recipient of bonus Check My Work 2 more Check My Work uses remaining Previous Next >