Demarco Lee invested $60,000 in the Camden and Sayler partnership for ownership equity of $60,000. Prior to

Question:

Demarco Lee invested $60,000 in the Camden and Sayler for ownership equity of $60,000. Prior to the investment, equipment was revalued to a market value of $39,000 from a book value of $30,000. Kevin Camden and Chloe Sayler 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 Lee?
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...