Problembarker invested 128000 in the granger and monroe, Ask an Expert

Accounting

Problem:

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:

Question 1: Provide the journal entry for the revaluation of equipment.

Question 2: Provide the journal entry to admit Barker

Note: Please show how to work it out.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91163876

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