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12. Suppose two college friends, Larry Page, and Sergey Brin, created a Limited Liability Company (LLC). They were equal (50%) members for $340,000 of a

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12. Suppose two college friends, Larry Page, and Sergey Brin, created a Limited Liability Company (LLC). They were equal (50%) members for $340,000 of a capital contribution each. Then assume a new member wished to join, Jerry Yang, and he was willing to pay $550,000 to be an equal (33%) member. Record the journal entry for the first two owners/members making their capital contributions, and then the journal entry for the newest member joining the LLC

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