Revaluing and Contributing Assets to a Partnership Demarco Lee invested $31,000 in the Camden & Sayler partnership for ownership equity of $31,000. Prior to the investment, equipment was revalued to a market value of $274,000 from a book value of $226,000. 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. Dividing Partnership Net Income Required: Steve Jack and Chelsy Stevens formed a partnership, dividing income as follows: 1. Annual salary allowance to Jack of $117,150. 2. Interest of 6% on each partner's capital balance on January 1. 3. Any remaining net income divided to Jack and Stevens, 1:2. Jack and Stevens had $45,000 and $75,000, respectively, in their January 1 capital balances. Net income for the year was $213,000. How much is distributed to Jack and Stevens? Note: Compute partnership share. Jack: $ Stevens: $ Journalizing Partner's Original Investment Austin Fisher contributed land, inventory, and $32,000 cash to a partnership. The land had a book value of $73,000 and a market value of $136,000. The inventory had a book value of $62,300 and a market value of $57,300. The partnership also assumed a $53,000 note payable owed by Fisher that was used originally to purchase the land. Required: Provide the journal entry for Fisher's contribution to the partnership. If an amount box does not require an entry, leave it blank