Revaluing and Contributing Assets to a Partnership

Demarco Lee invested $38,000 in the Camden & Sayler partnership for ownership equity of $38,000. Prior to the investment, equipment was revalued to a market value of $282,000 from a book value of $225,000. 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.

		fill in the blank 95b9a507301100b_2	fill in the blank 95b9a507301100b_3
		fill in the blank 95b9a507301100b_5	fill in the blank 95b9a507301100b_6
		fill in the blank 95b9a507301100b_8	fill in the blank 95b9a507301100b_9

b. Provide the journal entry to admit Lee.

		fill in the blank 6a677cf8c04c078_2
			fill in the blank 6a677cf8c04c078_4