Admitting New Partner With Bonus

L$.$ Bowers and V$.$ Lipscomb are partners in Elegant Event Consultants. Bowers and Lipscomb share income equally. M$.$ Ortiz will be admitted to the partnership. Prior to the admission, equipment was revalued downward by $$8,000.$ The capital balances of each partner are $$96,000$ and $$40,000,$ respectively, prior to the revaluation.

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a$.$ Provide the journal entry for the asset revaluation. If an amount box does not require an entry, leave it blank.

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b$.$ Provide the journal entry for Ortiz's admission under the following independent situations:

$1.$ Ortiz purchased a $20\%$ interest for $$20,000.$ If an amount box does not require an entry, leave it blank.

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$2.$ Ortiz purchased a $30\%$ interest for $$60,000.$ If an amount box does not require an entry, leave it blank.

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