Revaluing and Contributing Assets to a Partnership Demarco Lee invested $50,000 in the Camden & Sayler partnership for ownership equity of $50,000. Prior to the investment, equipment was revalued to a market value of $338,000 from a book value of $266,000. 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. Accounts Receivable Cash Equipment try to admit Lee. Kevin Camden, Capital Chloe Sayler, Drawing Chloe Sayler, Capital Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, investing $108,000 and $162,000, respectively. Determine their participation in the year's net income of $108,000 under each of the following independent assumptions: a. No agreement concerning division of net income. b. Divided in the ratio of original capital investment. C. Interest at the rate of 5% allowed on original investments and the remainder divided in the ratio of 2:2. d. Salary allowances of $34,000 and $47,000, respectively, and the balance divided equally. e. Allowance of interest at the rate of 5% on original investments, salary allowances of $34,000 and $47,000, respectively, and the remainder divided equally. Hawes Albright | J7 J7 J7 @ CS @ J7 J7 Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, investing $202,500 and $67,500, respectively. Determine their participation in the year's net income of $290,000 under each of the following independent assumptions: a. No agreement concerning division of net income. b. Divided in the ratio of original capital investment. c. Interest at the rate of 6% allowed on original investments and the remainder divided in the ratio of 2:3. d. Salary allowances of $36,000 and $45,000, respectively, and the balance divided equally. e. Allowance of interest at the rate of 6% on original investments, salary allowances of $36,000 and $45,000, respectively, and the remainder divided equally. Hawes Albright @ @ OSO