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This is all one question it just doesnt fit in one picture. I cant seem to figure out the rest of the answers, please help!
This is all one question it just doesnt fit in one picture. I cant seem to figure out the rest of the answers, please help!
Admitting New Partner With Bonus 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 $12,000. The capital balances of each partner are $106,000 and $148,500, respectively, prior to the revaluation a. Provide the journal entry for the asset revaluation. For a compound transaction, if an amount box does not require an entry, leave it blank. 6,000 L. Bowers, Capital V. Lipscomb, Capital 6,000 Equipment 12,000 Feedback Check My Work 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 $53,000. For a compound transaction, if an amount box does not require an entry, leave it blank. Cash 53,000 ? b. Provide the journal entry for Ortiz's admission under the following independent situations: 1. Ortiz purchased a 20% interest for $53,000. For a compound transaction, if an amount box does not require an entry, leave it blank. Cash 53,000 L. Bowers, Capital V. Lipscomb, Capital M. Ortiz Capital 2. Ortiz purchased a 30% interest for $133,000. For a compound transaction, if an amount box does not require an entry, leave it blank. Cash 133,000 L. Bowers, Capital V. Lipscomb, Capital M. Ortiz, Capital Step by Step Solution
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