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Provide the journal entry for the revaluation of equipment

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Question - Amazon invested $128,000 in the Jungle and River Partnership for ownership equity of $128,000. Prior to the investment, equipment was revalued to a market value of $90,000 from a book value of $72,000. Jungle and River share net income in a 2:1 ratio.

Required - Provide the journal entry for the revaluation of equipment. If an amount box does not require an entry, leave it blank.

Reference no: EM133109458

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