L. Bowers and V. Lipscomb are partners in Elegant Event Consultants, Bowers and Lipscomb share income equally M. Ortiz will be admitted to the pictnership Prior to the admission, equipment was revalued downward by $3,200. The capital balances of each partner are 596.900 and $36,400, 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 BOn December 31, provide the journal entry for Ortiz's admission under the following independent fons (refer to the Chart of Accounts for exact wording of account titles) 1. Ortiz purchased a 20% Interest for $19,000 2. Ortiz purchased a 30% interest for $58,700