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Question

n/ilm/takeAssignment/takeAssignmentMain.do?invoker assignments&tak; ionLocator assignment-take&inprogress; false eBook Revaluing and Contributing Assets to a Partnership Demarco Lee invested $56,000 in the Camden & Sayler partnership for ownership equity of $56,000. Prior to the investment, equipment was revalued to a Show Me How Print Item market value of $353,000 from a book value of $263,000. 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. vide the journal entry to admit Lee. Show all 1016 AMm Test 3a.rtf

Explanation / Answer

Answer :a.

Equipment a/c              Dr. 90000

               To Kevin Camden captal     22500

               To Chloe Sayler capital       67500

( 353000 - 263000 = 90000 * 1 / 4 = 22500 )

b.

Cash a/c                   Dr. 56000

              To Demarco Lee Capital     56000

        

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