Revaluing and Contributing Assets to a Partnership Demarco Lee invested $43,000 in the Camden & Sayler partnership for ownership equity of $43,000. Prior to the investment, equipment was revalued to a market value of $312,000 from a book value of $249,000. 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..