Amazon invested $128,000 in the Jungle and River 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 $72,000. Jungle and River 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 Amazon.

Question

Amazon invested $128,000 in the Jungle and River 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 $72,000. Jungle and River 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 Amazon.

Quizplus · Accepted Answer

The Answer of Amazon invested $128,000 in the Jungle and River 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 $72,000. Jungle and River 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 Amazon.

Amazon Invested $128,000 in the Jungle and River Partnership for Ownership