Revaluing and Contributing Assets to a Partnership Marquis Westbury invested $52,000 in the Trenton and Rainwater partnership for ownership equity of $52,000. Prior to the investment, equipment was revalued to a market value of $385,000 from a book value of $301,000. Daniel Trenton and Ann Marie Rainwater share net income in a 1:3 ratio. a. Journalize the entry for the revaluation of equipment. If an amount box does not require an entry, leave it blank. Feedback Check Work Revaluing and Contributing Assets to a Partnership Marquis Westbury invested $52,000 in the Trenton and Rainwater partnership for ownership equity of $52,000. Prior to the investment, equipment was revalued to a market value of $385,000 from a book value of $301,000. Daniel Trenton and Ann Marie Rainwater share net income in a 1:3 ratio. a. Journalize the entry for the revaluation of equipment. If an amount box does not require an entry, leave it blank. Feedback Check Work