(Solution) - Naseef Asad invested 75 000 in the Lionel and Morehouse partner -(2025 Original AI-Free Solution)

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Academic Level: Undergrad. (yrs 3-4)

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Naseef Asad invested $75,000 in the Lionel and Morehouse partnership for ownership equity of $75,000. Prior to the investment, equipment was revalued to a market value of $57,000 from a book value of $33,000. Justin Lionel and Courtney Morehouse share net income in a 2:1 ratio.
a. Provide the journal entry for the revaluation of equipment.
b. Provide the journal entry to admit Asad.