Leslie and Jamie are members in an LLC with equity balances of $100,000 and $60,000, respectively. They share profits and losses in a ratio 1:4. James is to be admitted into the LLC. Prior to admission, machinery was revalued from a book value of $5,000 to a current market value of $9,000. a. Journalize the asset revaluation. (3 pts) b. James is admitted into the LLC by purchasing 25% equity and contributing $70,000. Show the calculation of the bonus (3 pts) and journalize the entries to admit James (8 pts). Note: It is an LLC, not a partnership!