L. Bowers and V. Lpscomb are partners in Elegant Event Consutants. Bowers and Lipscomb share income oqualy. M. Ortiz will be admitted to the partreeship. Prior to the admisslan, equipment was revalued doweward by $8,100. The capital balances of each partner ane $94,200 and $38,100, respectivel, prior to the revaluation: Pequired: a. On December 31, provice the joums/ enty for the asset revatuation. Aefer to the chart of accounts for the exact wording of the account bties. CNOW joumals do not use lines for joumal explenadions. Every line an a joumal page is usod for debit or credit entries. CNOW joumaly will automatically indent a credit enty when a credt amount is entered. b. On December af, provide the joumal entry for Ortir's admission under the following independent situations. Refer to the chart of accounts for the exact wording of the account bites. CNOW joumals do not use Anes for journal explanabions. Every ine on a joumar page is used for dobit or credit entries. CNOW joumals wil automabicaly indent a credi entry when a credit amount is entered. 1. Orti purchased a 20% interest for $19,500 2 Ortiz purchased a 30% interest for $05,700. tnershis. Prior to the admin