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 $$7,200.$ The capital balances of each partner are $$86,700$ and $$40,100,$ respectively, prior to the revaluation.