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Admitting a New LLC Member With Bonus Alert Medical, uc, consists of two doctors, Abrams and Upscomb, who share in all income and losses according
Admitting a New LLC Member With Bonus Alert Medical, uc, consists of two doctors, Abrams and Upscomb, who share in all income and losses according to 2:3 Income-sharing ratio. Dr. Lin has been asked to Join the U.C. Prior to admitting Un, the assets of Alert Medical were revalued to reflect their current market values. The revaluation resulted in medical equipment being Increased by $21,000. Prior to the revaluation, the equity balances for Abrams and Lipscomb were $202,000 and $231,000, respectively. . Provide the journal entry for the asset revaluation. For a compound transaction, if an amount box does not require an entry, leave It blank. b. Provide the journal entry for the bonus under the following independent situations: 1. Lin purchased a 30% interest in Alert Medical, LLC, for $259,000. For a compound transaction, if an amount box does not require an entry, leave it blank. EE 2. Un purchased a 25 interest in Alert Medical, LLC, for $132,000. For a compound transaction, if an amount box does not require an entry, leave it blank
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