Revaluing and Contributing Assets to a Partnership

Marquis Westbury invested $$55,000$ in the Trenton and Rainwater partnership for ownership equity of $$55,000.$ Prior to the investment,

equipment was revalued to a market value of $$355,000$ from a book value of $$280,000.$ 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.

Accounts Receivable

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