Admitting a New LLC Member With Bonus Alert Medical, LLC, consists of two doctors, Abrams and Lipscomb, who share in all income and losses according to a 2:3 income-sharing ratio. Dr. Lin has been asked to Join the LLC. Prior to admitting Lin, the assets of Alert Medical were revalued to reflect their current market values. The revaluation resulted in medical equipment being increased by $24,000. Prior to the revaluation, the equity balances for Abrams and Lipscomb were $230,000 and $264,000, respectively. a. Provide the journal entry for the asset revaluation. For a compound transaction, if an amount box does not require an entry, leave it blank Medical Equipment Abrams, Member Equity. Lipscomb, Member Equity 24,000 9,600 14,400 Check My Work Adjust the medical equipment and adjust each member's equity account in their income-sharing ratio. b. Provide the journal entry for the bonus under the following independent situations: 1. Lin purchased a 30% interest in Alert Medical, LLC, for $295,000. For a compound transaction, if an amount box does not require an entry, leave it blank. Check My Wish 1. Determine the total capital, including the new contribution Calculate the new member's share of the total capital, If the new member's contnbution mxcoods his share of the capital he tom to the axistno members if the new member's share of the cootel.exceeds the contribution, the boss.mes to the new member Check My Work Previous Next