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 $24,000. The capital balances of each partner are $103,000 and $140,000, respectively, prior to the revaluation. a. Provide the journal entry for the asset revaluation. If an amount box does not require an entry, leave it blank. L. Bowers, Capital 12,000 0 V. Lipscomb, Capital 12,000 0 Equipment 0 24,000 Feedback Check My Work 0 a. Adjust the equipment and adjust each partner's equity account in their income-sharing ratio. b. Provide the journal entry for Ortiz's admission under the following independent situations: 1. Ortiz purchased a 20% interest for $48,000. If an amount box does not require an entry, leave it blank. Cash 48,000 0 L. Bowers, Capital 0 V. Lipscomb, Capital 0 1. Ortiz purchased a 20% interest for $48,000. If an amount box does not require an entry, leave it blank. Cash 48,000 0 L. Bowers, Capital 0 V. Lipscomb, Capital 0 M. Ortiz, Capital 0 2. Ortiz purchased a 30% interest for $120,000. If an amount box does not require an entry, leave it blank. Cash 120,000 0 L. Bowers, Capital 0 V. Lipscomb, Capital 0 M. Ortiz, Capital 0