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 join the LLC. Prior to admitting Lin, the assets of Alert Medical were revalued to reflect their current market values. The revaluation resulted in medical equipment being increased by $41,000. Prior to the revaluation, the equity balances for Abrams and Lipscomb were $143,000 and $222,000, 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 $232,800. 2. Lin purchased a 25% interest in Alert Medical, LLC, for $117,200. A. On December 31, provide the journal entry for the asset revaluation. JOURNAL ACCOUN DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS L 1 41,000.00 1 2 Dec 31 Asset Revaluations Abrams, Member Equity Lipscomb, Member Equity 16,400.00 3 24,600.00 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 $232,800. JOURNAL ACCOUN DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS 1 Dec. 31 Cash 232,800.00 1 2 53,460.00 Lin, Member Equity Abrams, Member Equity Lipscomb, Member Equity 21,384.00 4 32,076.00 2. Lin purchased a 25% interest in Alert Medical, LLC, for $117,200. JOURNAL ACCOUN DATE POST. REF. DEBIT CREDIT ASSETS 1 117,200.00 1 DESCRIPTION Dec 31 Cash Abrams, Member Equity Lipscomb, Member Equity Lin, Member Equity 3 Instructions 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 $7,700. The capital balances of each partner are $87,200 and $38,100, respectively, prior to the revaluation. 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 Ortiz's admission under the following independent situations (refer to the Chart of Accounts for exact wording of account titles): 1. Ortiz purchased a 20% interest for $21,300. 2. Ortiz purchased a 30% interest for $60,300. A. On December 31, provide the journal entry for the asset revaluation. JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 2 3 B. On December 31, provide the journal entry for Ortiz's admission under the following independent situations: 1. Ortiz purchased a 20% interest for $21,300. JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 2 3 4 2. Ortiz purchased a 30% interest for $60,300. JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 2 3 4