Instructions Alert Medical, LLC, consists of two doctors, Abrams and Lipscomb, who share in all income and losses according to a 23 income-sharing ratio. Dr. Lin has been asked to join the LLC. Prior to admitting Lin, the assets of Alert Medical were revalued to reflect their curred market values. The revaluation resulted in medical equipment being increased by $37,400. Prior to the revaluation, the equity balances for Abrams and Lipscomb were $151,000 and S218,800, respectively. Required: A. On December 31, provide the journal entry for the asset revaluation Refer to the Chart of Accounts for exact wording of account titles B. on December 31, provide the journal entry for the bonus under the following independent situations (refer to the Chart of Accounts for exact wording of account titles): 1. Lin purchased a 30% Interest in Alert Medical, LLC, for $206,800. 2. Lin purchased a 25% interest in Alert Medical, LLC, for $116,200. Chart of Accounts ASSETS REVENUE 110 Cash 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Merchandise Sold 111 Petty Cash 112 Accounts Receivable 113 Allowance for Doubtful Accounts 114 Interest Receivable 115 Notes Receivable 116 Inventory 117 Office Supplies 118 Store Supplies 119 Prepaid Insurance 120 Land 123 Medical Equipment 124 Accumulated Depreciation Medical Equipment 520 Salaries Expense 521 Advertising Expense 522 Depreciation Expense-Equipment 523 Delivery Expense 524 Repairs Expense 529 Selling Expenses 531 Rent Expense 533 Insurance Expense 534 Office Supplies Expense 535 Store Supplies Expense 536 Credit Card Expense 129 Asset Revaluations 133 Patent Chart of Accounts 133 Patent w LIABILITIES 535 Store Supplies Expense 536 Credit Card Expense 537 Cash Short and Over 538 Bad Debt Expense 539 Miscellaneous Expense 710 Interest Expense 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Abrams, Member Equity 311 Abrams, Drawing 312 Lipscomb, Member Equity 313 Lipscomb, Drawing 314 Lin, Member Equity 315 Lin, Drawing Journal Shaded cells have feedback Refer to the Chart of Accounts for exact wording of account titles. Scroll down to access pages 10 and 11 of the journal. A On December 31, provide the journal entry for the asset revaluation How does grading work? JOURNAL ACROINT ASSETS DESCRIPTION POST. RER DEBUT CREDIT DATE Dec. 31 1 57,400.00 V 2 Medical Equipment Abrams, Member Equity Lipscomb, Member Equity 14,960.00 22,440.00 3 Journal Shaded cells have feedback B. On December 31, provide the journal entry for the bonus under the following independent situations: 1. Lin purchased a 30% interest in Alert Medical, LLC, for $208,800. How does grading work? JOURNAL ACCOUNT ASSES DESCRIPTION POST. REF DEBIT CREDIT DATE Dec. 31 Cash 208,800.00 1 1 184,800.00 9,600.00 3 Lin, Member Equity Abrams, Member Equity Lipscomb, Member Equity 14,400.00 4 Journal Shaded cells have feedback member 2 Lin purchased a 25% interest in Alert Medical, LLC, for $116,200 How does scading work? JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT ACILIT ASSETS 1 Dec 31 Cash 547,400.00 1 Abrams, Member Equity Lipscomb, Member Equity Lin, Member Equity