(Solved): Demarco Lee invested $32,000 in the Camden & Sayler partnership for ownership equity of $32,000 ...
Demarco Lee invested $32,000 in the Camden & Sayler partnership for ownership equity of $32,000. Prior to the investment, equipment was revalued to a market value of $228,000 from a book value of $183,000. Kevin Camden and Chloe Sayler share net income in a 1:2 ratio. Revaluing and Contributing Assets to a Partnership Demarco Lee invested
$32,000in the Camden & Sayler partnership for ownership equity of
$32,000. Prior to the investment, equipment was revalued to a market value of
$228,000from a book value of
$183,000. Kevin Camden and Chloe Sayler share net income in a 1:2 ratio. Required: a. Provide the journal entry for the revaluation of equipment. For a compound transaction, if an amount box does not require an entry, leave it blank. b. Provide the journal entry to admit Lee.
