Instructions Alert Medical, LLC, consists of two doctors, Abrams and Lipscomb, who share in all income and losses according to a 2:3 Income-sharing ratio, Dr. Lin has been asked to in the LLC Prior to admilting Lin, the assets of Alert Medical were revalued to reflect their current market values. The revaluation resulted in medical equipment being increased by $38.200 Prior to the revaluation, the eqully balances for Abrams and Lipscomb were $149,800 and $210,800, 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 $231,000. 2. Lin purchased a 25% interest in Alert Medical, LLC, for $114,800. Journal Instructions Chart of Accounts Alle ASSETS Pri 110 Cash to 111 Petty Cash 112 Accounts Receivable REVENUE 410 Sales 610 Interest Revenue 113 Allowance for Doubtful Accounts 114 Interest Receivable 115 Notes Receivable 116 Inventory 117 Office Supplies 118 Store Supplies EXPENSES 510 Cost of Merchandise Sold 520 Salaries Expense 521 Advertising Expense 522 Depreciation Expense-Equipment 523 Delivery Expense 524 Repairs Expense 529 Sellina Expenses 119 Prepaid Insurance 120 land ALE Pri Chart of Accounts 123 Medical Equipment 124 Accumulated Depreciation Medical Equipment 129 Asset Revaluations to 133 Patent 531 Rent Expense 533 Insurance Expense 534 Office Supplies Expense 535 Store Supplies Expense 536 Credit Card Expense 537 Cash Short and Over 538 Bad Debt Expense 539 Miscellaneous Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable A. On December 31, provide the journal entry for the asset revaluation PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF DEBIT CREDIT ASSETS LIABILITIES EQUITY 2 3 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 $231,000. PAGE 11 JOURNAL ACCOUNTING EQUATION Previou y Work 1. Lin purchased a 30% interest in Alert Medical, LLC, for $231,000 PAGE JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS 1 LIABILITIES LQUI 2 5 2. Lin purchased a 25% Interest in Alert Medical, LLC, for $114,800. PAGE 11 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF DEBIT CREDIT ASSETS LIABILITIES EQUITY My Work Email Instructor Save and Exit Submit Assig