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eBook Calculator Admitting a New LLC Member With Bonus Alert Medical, LLC, consists of two doctors, Abrams and Lipscomb, who share in al income and

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eBook Calculator Admitting a New LLC Member With Bonus Alert Medical, LLC, consists of two doctors, Abrams and Lipscomb, who share in al income and losses according to a 2:3 income-sharing ratio. Dr. Un has been asked to join the LLC. Prior to admitting in the assets of Alert Medical were revalued to reflect their current market values. The revaluation resulted in medical equipment being increased by $35,000. Prior to the revaluation, the equity balances for Abrams and Lipscomb were $336,000 and $385,000, 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 35.000 Abrams, Member Equity 14.000 Lipscomb, Member Equity 21000 b. Provide the journal entry for the bonus under the following independent situations 1. Lin purchased a 30% interest in Alert Medical, LLC, for 501.000. For a compound transaction, if an amount box does not require an entry, leave it bank Cash Abrams, Member Equity Lipscomb, Member Equity Lin. Member Futy 2. Lin purchased a 25 interest in Alert Medical C. for 3. Forada amb does not Previous DOLL O U K L eBook Calculator entry, leave it bank Cash Abrams, Member Equity Lipscomb, Member Equity 1111 1110 Lin, Member Equity Feet 2. Lin purchased a 25% interest in Alert Medical, LLC, for $219,000. For a compound transaction, if an amount box does not require an entry, leave it blank Cash Abrams, Member Equity Lipscomb, Member Equity Lin, Member Equity 000 III. 1.2. Determine the total capital, including the new contribution calculate the new member's share of the total capital of the new member's contribution exceeds his share of the capital, the bonus goes to the existing members. If the member's share of the capital exceeds the contribution, the bonus goes to the new member Paco Oy Work DOLL U K G H D 0 N V

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