Question: Hello, Please help! Revaluing and Contributing Assets to a Partnership Demarco Lee invested $43,000 in the Camden & Sayler partnership for ownership equity of $43,000.

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Hello, Please help! Revaluing and Contributing Assets to a Partnership Demarco Lee

Revaluing and Contributing Assets to a Partnership Demarco Lee invested $43,000 in the Camden & Sayler partnership for ownership equity of $43,000. Prior to the investment, equipment was revalued to a market value of $365,000 from a book value of $296,000. Kevin Camden and Chloe Sayler share net income in a 1:3 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

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