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Provide the journal entry for the revaluation of equipment

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1. Brandon Tarr invested $64,000 in the Garmon and Miller partnership for ownership equity of $64,000. Prior to the investment, equipment was revalued to a market value of $45,000 from a book value of $33,000. Jordon Garmon and Kali Miller 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 Tarr.

Reference no: EM131125709

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