s points) S. Stephens and J. Perez are Designs, Stepbens partnership. Prior to the admission, equipment was each partner are $100,000 and $139,000, revalued dow respectively, prior to the revaluation. Required (1) Provide the journal entry for the asset revaluation. ward s will be admitted to phtners in Space Designs. Stephens and Perez share income e the journal entry for Fredericks' admission under the following independent situations: Fredericks purchased a 20% interest for $50,000. Fredericks purchased a 30% interest for $125,000. (a) (b) Date Credit Debit