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Provide the journal entry for the asset revaluation

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Problem - 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 $8,000. The capital balances of each partner are $96,000 and $40,000, 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 $20,000.

2. Ortiz purchased a 30% interest for $60,000.

Reference no: EM132785107

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