Revaluing and Contributing Assets to a Partnership Demarco Lee invested $42,000 in the Camden & Sayler partnership for ownership equity of $42,000. Prior to the investment, equipment was revalued to a market value of $319,000 from a book value of $259,000. 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. Equipment 60,000 Kevin Camden, Capital 10,500 x Chloe Sayler, Capital 40,500