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

question 149

Essay

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.

Learn about the influence of group norms and informal channels on ethical behaviors and organizational culture.

Understand the concepts of intrinsic and extrinsic motivation and their roles in behavior.

Differentiate between various theories related to motivation and emotion.

Recognize the effects of autonomy, self-efficacy, and relatedness on motivation.

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Definitions:

Permanent Accounts

Permanent accounts are those ledger accounts whose balances are carried over from one accounting period to the next, including assets, liabilities, and equity accounts.

Current Liabilities

Obligations or debts that a company is expected to pay within a year, such as accounts payable, short-term loans, and accrued expenses.

Accounts Receivable

The sum customers owe a business for the supply of goods and services that payment has not yet been made for.

Unearned Revenues

Revenue a company earns for products or services that have not yet been provided or completed.