=+EX 12-13 Admitting new partner who contributes assets obj. 3

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b. Flores,

$60,000 Excel Medical, LLC, consists of two doctors, Douglass and Finn, who share in all income and losses according to a 2:3 income-sharing ratio. Dr. Lindsey Koster has been asked to join the LLC. Prior to admitting Koster, the assets of Excel Medical were revalued to reflect their current market values. The revaluation resulted in medical equipment being increased by $25,000. Prior to the revaluation, the equity balances for Douglass and Finn were $240,000 and $275,000, respectively.