Question

Demarco lee invested $31,000 in the camden and sayler partnership for ownership equity of $31,000. Prior to the investment, equipment was revalued to a market value of $328,000 from a book value of $286,000. 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.

Answer 1

Answer:

Question too much long..........