Business, 16.04.2020 00:10 justintsmith6415

Demarco Lee invested $53,000 in the Camden & Sayler partnership for ownership equity of $53,000. Prior to the investment, equipment was revalued to a market value of $376,000 from a book value of $307,000. Kevin Camden and Chloe Sayler share net income in a 1:3 ratio.

Required:

a. Provide the journal entry for the revaluation of equation.

Answers: 2

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Demarco Lee invested $53,000 in the Camden & Sayler partnership for ownership equity of $53,000....