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Demarco Lee invested $50,000 in the Camden & Sayler partnership for ownership equity of $50,000....

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Accounting

Demarco Lee invested $50,000 in the Camden & Sayler partnership for ownership equity of $50,000. Prior to the investment, equipment was revalued to a market value of $342,000 from a book value of $264,000. Kevin Camden and Chloe Sayler share net income in a 1:2 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. Provide the journal entry to admit Lee.

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