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 $16,000. The capital balances of each partner are $74,000 and $101,500, respectively, prior to the revaluation. a. Provide the journal entry for the asset revaluation. If an amount box does not require an entry, leave it blank. L. Bowers, Capital V. Lipscomb, Capital Equipment 88 Fr Check My Work a. Adjust the equipment and adjust each partner's equity account in their income-sharing ratio. b. Provide the journal entry for Ortiz's admission under the following independent situations: 1. Ortiz purchased a 20% interest for $34,000. If an amount box does not require an entry, leave it blank. Cash L Bowers, Capital V. Lipscomb, Capital M. Ortiz, Capital Feedback Check My Work b.1. Determine the total capital, including the new contribution. Calculate the new partner's share of the total capital. If the new partner's contribution exceeds his share of the capital, the