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 exist8,000. The capital balances of each partner are exist96,000 and exist40,000, respectively, prior to the revaluation. a. Provide the journal entry for the asset revaluation. b. Provide the journal entry for Ortiz's admission under the following independent situations: 1. Ortiz purchased a 20% interest for exist20,000. 2. Ortiz purchased a 30% interest for exist60,000. 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 exist8,000. The capital balances of each partner are exist96,000 and exist40,000, respectively, prior to the revaluation. a. Provide the journal entry for the asset revaluation. b. Provide the journal entry for Ortiz's admission under the following independent situations: 1. Ortiz purchased a 20% interest for exist20,000. 2. Ortiz purchased a 30% interest for exist60,000