Revaluing and Contributing Assets to a Partnership Demarco Lee invested $47,000 in the Camden & Sayler partnership for ownership equity of 547,000. Prior to the investment, equipment was revalued to a market value of $341,000 from a book value of $281,000. 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 b. Provide the journal entry to admit Lee