Revaluing and Contributing Assets to a Partnership

Marquis Westbury invested $51,000 in the Trenton and Rainwater partnership for ownership equity of $51,000. Prior to the investment, equipment was revalued to a market value of $344,000 from a book value of $263,000. Daniel Trenton and Ann Marie Rainwater share net income in a 1:3 ratio.

Required:

a. Provide the journal entry for the revaluation of equipment. If an amount box does not require an entry, leave it blank.

		fill in the blank c1c51bf52063ff5_2	fill in the blank c1c51bf52063ff5_3
		fill in the blank c1c51bf52063ff5_5	fill in the blank c1c51bf52063ff5_6
		fill in the blank c1c51bf52063ff5_8	fill in the blank c1c51bf52063ff5_9

b. Provide the journal entry to admit Westbury. If an amount box does not require an entry, leave it blank.