Barker invested $128,000 in the Granger and Monroe partnership for ownership equity of $128,000. Prior...
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Accounting
Barker invested $128,000 in the Granger and Monroe 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 $66,000. Granger and Monroe share net income in a 2:1 ratio.
Required:
a. Provide the journal entry for the revaluation of equipment.
b. Provide the journal entry to admit Barker
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