Brandon Tarr invested $64,000 in the Garmon and Miller partnership for ownership equity of $64,000. Prior to

Question:

Brandon Tarr invested $64,000 in the Garmon and Miller for ownership equity of $64,000. Prior to the investment, equipment was revalued to a market value of $45,000 from a book value of $33,000. Jordon Garmon and Kali Miller share net income in a 2:1 ratio.
(a) Provide the journal entry for the revaluation of equipment.
(b) Provide the journal entry to admit Tarr.

Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...