Admitting New Partner With Bonus L. Bowers and V. Lipscomb are partners in Elegant Event Consultants. Bowers and LUpscomb share income equally. M. Ortiz will be admitted to the partnership. Prior to the admission, equipment was revalued downward by $7,000. The capital balances of each partner are $75,500 and $105,000, respectively, prior to the revaluation. a. Provide the journal entry for the asset revaluation. For a compound transaction, Iif an amount box does not require an entry, leave it blank L. Bowers, Capital V. L M. Ortiz, Capital b. Provide the journal entry for Ortiz's admission under the following independent situations: 1. Ortiz purchased a 20% interest for $38,000. For a compound transaction, if an amount box does not require an entry, leave it blank. 2. Ortiz purchased a 30% interest for $95,000. For a compound transaction, if an amount box does not require an entry. leave it blank Check My Work 3 more Check My Work uses remaining. PreviousNext All work saved. Save and Exit Submit Assignment for Grading 1 F6 F9 10