Revaluing and Contributing Assets to a Partnership
Demarco Lee invested $62,000 in the Camden & Sayler partnership for ownership equity of $62,000. Prior to the investment, equipment was revalued to a market value of $361,000 from a book value of $280,000. 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.
b. Provide the journal entry to admit Lee.
Revaluing and Contributing Assets to a Partnership Demarco Lee invested $62,000 in the Camden & Sayler...
Revaluing and Contributing Assets to a Partnership Demarco Lee invested $55,000 in the Camden & Sayler partnership for ownership equity of $55,000. Prior to the investment, equipment was revalued to a market value of $284,000 from a book value of $200,000. 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....
Revaluing and Contributing Assets to a Partnership Demarco Lee invested $47,000 in the Camden & Sayler partnership for ownership equity of $47,000. Prior to the investment, equipment was revalued to a market value of $299,000 from a book value of $239,000. 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....
Revaluing and Contributing Assets to a Partnership Demarco Lee invested $74,000 in the Camden & Sayler partnership for ownership equity of $74,000. Prior to the investment, equipment was revalued to a market value of $410,000 from a book value of $314,000. Kevin Camden and Chloe Sayler share net income in a 1:3 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....
Revaluing and Contributing Assets to a Partnership Demarco Lee invested $51,000 in the Camden & Sayler partnership for ownership equity of $51,000. Prior to the investment, equipment was revalued to a market value of $353,000 from a book value of $284,000. Kevin Camden and Chloe Sayler share net income in a 1:3 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....
Revaluing and Contributing Assets to a Partnership Demarco Lee invested $34,000 in the Camden & Sayler partnership for ownership equity of $34,000. Prior to the investment, equipment was revalued to a market value of $335,000 from a book value of $290,000. Kevin Camden and Chloe Sayler share net income in a 1:3 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....
Revaluing and Contributing Assets to a Partnership Demarco Lee invested $26,000 in the Camden & Sayler partnership for ownership equity of $26,000. Prior to the investment, equipment was revalued to a market value of $330,000 from a book value of $288,000. 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....
Revaluing and Contributing Assets to a Partnership 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. 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....
Demarco Lee invested $49,000 in the Camden & Sayler partnership for ownership equity of $49,000. Prior to the investment, equipment was revalued to a market value of $266,000 from a book value of $188,000. Kevin Camden and Chloe Sayler share net income in a 1:3 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. b. Provide the journal entry to admit...
Dividing Partnership Net Income Required: Steve Prince and Chelsy Poodle formed a partnership, dividing income as follows: 1. Annual salary allowance to Poodle of $158,340. 2. Interest of 7% on each partner's capital balance on January 1. 3. Any remaining net income divided to Prince and Poodle, 1:2. Prince and Poodle had $87,000 and $111,000, respectively, in their January 1 capital balances. Net income for the year was $273,000. How much is distributed to Prince and Poodle? Note: Compute partnership...
Dividing Partnership Net Income Required: Steve Queen and Chelsy Stevens formed a partnership, dividing income as follows: 1. Annual salary allowance to Queen of $170,520. 2. Interest of 7% on each partner's capital balance on January 1. 3. Any remaining net income divided to Queen and Stevens, 1:2 Queen and Stevens had $69,000 and $111,000, respectively, in their January 1 capital balances. Net income for the year was $294.000. How much is distributed to Queen and Stevens? Note: Compute partnership...