Question
Revaluing and Contributing Assets to a Partnership Demarco Lee invested $72,000 in the Camden & Sayler partnership for ownership equity of $72,000. Prior to the
Revaluing and Contributing Assets to a Partnership
Demarco Lee invested $72,000 in the Camden & Sayler partnership for ownership equity of $72,000. Prior to the investment, equipment was revalued to a market value of $382,000 from a book value of $286,000. 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.
Provide the journal entry to admit LEE.
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Government and Not for Profit Accounting Concepts and Practices
Authors: Michael Granof, Saleha Khumawala, Thad Calabrese, Daniel Smith
7th edition
1118983270, 978-1119175025, 111917502X, 978-1119175001, 978-1118983270
