Financial Accounting
14th Edition
ISBN: 9781305088436
Author: Carl Warren, Jim Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 12, Problem 3PEB
a.
To determine
Provide
b.
To determine
Provide journal entry to admit L.
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evaluing and Contributing Assets to a Partnership
Marquis Westbury invested $55,000 in the Trenton and Rainwater partnership for ownership equity of $55,000. Prior to the investment, equipment was revalued to a market value of $314,000 from a book value of $236,000. Daniel Trenton and Ann Marie Rainwater share net income in a 1:2 ratio.
Question Content Area
Required:
a. Provide the journal entry for the revaluation of equipment. If an amount box does not require an entry, leave it blank.
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Equipment
Question Content Area
b. Provide the journal entry to admit Westbury. If an amount box does not require an entry, leave it blank.
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Revaluing and Contributing Assets to a Partnership
Marquis Westbury invested $119,100 in the Trenton and Rainwater partnership for ownership equity of $119,100. Prior to the investment, equipment was revalued to a market value of $77,400 from a book value of $57,300. Daniel Trenton and Ann Marie Rainwater share net income in a 2:1 ratio.
Question Content Area
a. Journalize the entry for the revaluation of equipment. If an amount box does not require an entry, leave it blank.
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Account
Debit
Credit
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Revaluing and Contributing Assets to a Partnership
Marquis Westbury invested $46,000 in the Trenton and Rainwater partnership for ownership equity of $46,000. Prior to the investment, equipment was revalued to a
market value of $317,000 from a book value of $242,000. Daniel Trenton and Ann Marie Rainwater share net income in a 1:3 ratio.
Required:
a. Provide the journal entry for the revaluation of equipment. If an amount box does not require an entry, leave it blank.
Equipment
Daniel Trenton, Capital
Ann Marie Rainwater, Capital
Feedback
Check My Work
Cash
75,000
b. Provide the journal entry to admit Westbury. If an amount box does not require an entry, leave it blank.
Marquis Westbury, Capital
18,750
Chapter 12 Solutions
Financial Accounting
Ch. 12 - Prob. 1DQCh. 12 - Prob. 2DQCh. 12 - Prob. 3DQCh. 12 - Prob. 4DQCh. 12 - Prob. 5DQCh. 12 - Prob. 6DQCh. 12 - Prob. 7DQCh. 12 - Prob. 8DQCh. 12 - Prob. 9DQCh. 12 - Prob. 10DQ
Ch. 12 - Prob. 1PEACh. 12 - Prob. 1PEBCh. 12 - Prob. 2PEACh. 12 - Prob. 2PEBCh. 12 - Prob. 3PEACh. 12 - Prob. 3PEBCh. 12 - Prob. 4PEACh. 12 - Prob. 4PEBCh. 12 - Prior to liquidating their partnership, Parker and...Ch. 12 - Liquidating partnerships Prior to liquidating...Ch. 12 - Prob. 6PEACh. 12 - Prob. 6PEBCh. 12 - Prob. 7PEACh. 12 - Eclipse Architects earned 1,800,000 during 2016...Ch. 12 - Prob. 1ECh. 12 - Prob. 2ECh. 12 - Prob. 3ECh. 12 - Prob. 4ECh. 12 - Prob. 5ECh. 12 - Prob. 6ECh. 12 - Prob. 7ECh. 12 - Marvel Media, LLC, has three members: WLKT...Ch. 12 - Prob. 9ECh. 12 - Prob. 10ECh. 12 - Prob. 11ECh. 12 - Prob. 12ECh. 12 - Prob. 13ECh. 12 - Prob. 14ECh. 12 - Prob. 15ECh. 12 - Prob. 16ECh. 12 - Prob. 17ECh. 12 - The statement of members equity for Bonanza, LLC,...Ch. 12 - Distribution of cash upon liquidation Hewitt and...Ch. 12 - Distribution of cash upon liquidation David Oliver...Ch. 12 - Liquidating partnershipscapital deficiency Lewis,...Ch. 12 - Prob. 22ECh. 12 - Prob. 23ECh. 12 - Statement of partnership liquidation After closing...Ch. 12 - Prob. 25ECh. 12 - Prob. 26ECh. 12 - The accounting firm of Deloitte Touche is the...Ch. 12 - Prob. 28ECh. 12 - Prob. 1PACh. 12 - Prob. 2PACh. 12 - Prob. 3PACh. 12 - Prob. 4PACh. 12 - Statement of partnership liquidation After the...Ch. 12 - Prob. 6PACh. 12 - Prob. 1PBCh. 12 - Prob. 2PBCh. 12 - Prob. 3PBCh. 12 - Prob. 4PBCh. 12 - Statement of partnership liquidation After the...Ch. 12 - On August 3, the firm of Chapelle, Rock, and Pryor...Ch. 12 - Prob. 1CPCh. 12 - Prob. 2CPCh. 12 - Prob. 3CPCh. 12 - Prob. 4CP
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