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Provide the journal entry to admit lee

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Problem - Demarco Lee invested $60,000 in the Camden and Sayler partnership for ownership equity of $60,000. Prior to the investment, equipment was revalued to a market value of $39,000 from a book value of $30,000. Kevin Camden and Chloe Sayler 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 Lee.

Reference no: EM132692970

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