1. Journalize the entries as of April 30 to record the revaluations, using a temporary accounts entitled Asset Revaluations. The balance in the accumulated depreciation account is to be eliminated. 2....

1. Journalize the entries as of April 30 to record the revaluations, using a temporary accounts entitled Asset Revaluations. The balance in the accumulated depreciation account is to be eliminated.
2. Journalize the additional entries to record the remaining transactions relation to the formation of the new partnership. Assume that all transactions occur on May 1.
3. Present a balance sheet for the new partnership as of May 1, 2008.