Revaluing and Contributing Assets to a Partnership

Marquis Westbury invested $$57,000$ in the Trenton and Rainwater partnership for ownership equity of $$57,000.$ investment, equipment was revalued to a market value of $$288,000$ from a book value of $$201,000.$ Daniel Trento 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 blar

b$.$ Journalize the entry for the admission of Westbury. If an amount box does not require an entry, leave it blank.