Revaluing and Contributing Assets to a Partnership Demarco Lee invested $70,000 in the Camden & Sayler...

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Revaluing and Contributing Assets to a Partnership Demarco Lee invested $70,000 in the Camden & Sayler partnership for ownership equity of $70,000. Prior to the investment, equipment was revalued to a market value of $408,000 from a book value of $312,000. 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. Equipment Kevin Camden, Capital Chloe Sayler, Capital b. Provide the journal entry to admit Lee. Cash Demarco Lee, Capital Revaluing and Contributing Assets to a Partnership Demarco Lee invested $70,000 in the Camden & Sayler partnership for ownership equity of $70,000. Prior to the investment, equipment was revalued to a market value of $408,000 from a book value of $312,000. 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. Equipment Kevin Camden, Capital Chloe Sayler, Capital b. Provide the journal entry to admit Lee. Cash Demarco Lee, Capital