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Revaluing and Contributing Assets to a Partnership Marquis Westbury invested $ 5 5 , 0 0 0 in the Trenton and Rainwater partnership for ownership
Revaluing and Contributing Assets to a Partnership
Marquis Westbury invested $ in the Trenton and Rainwater partnership for ownership equity of $ Prior to the investment,
equipment was revalued to a market value of $ from a book value of $ Daniel Trenton and Ann Marie Rainwater share net
income in a : ratio.
Required:
a Provide the journal entry for the revaluation of equipment. If an amount box does not require an entry, leave it blank.
Accounts Receivable
b Provide the journal entry to admit Westbury. If an amount box does not require an entry, leave it blank.
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