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 $8,000. The capital balances of each partner are $93,000 and $130,500, respectively, prior to the revaluation. a. Provide the journal entry for the asset revaluation. If an amount box does not require an entry, leave it blank. L. Bowers, Cap 4,000✔ S V. Lipscomb, Cal✓ 4,000 ✓ Equipmen ✓ Feedback Check My Work b. Provide the journal entry for Ortiz's admission under the following independent situations: 1. Ortiz purchased a 20% interest for $47,000. If an amount box does not require an entry, leave it blank. 47,000✔ Cash ✔ L. Bowers, Cap-✔ V. Lipscomb, Ca M. Ortiz, Capi✓ 8,000 ✓ Feedback Check My Work $2,500✔ 2. Ortiz purchased a 30% interest for $118,000. If an amount box does not require an entry, leave it blank. Cash ✔ 118,000✔ L. Bowers, Cap. ✔ V. Lipscomb, Cal M. Ortiz, Capi✓

Problem-solving Admissionby Purchase of Interest or Investment of AssetsAngeles. Bondoc and Campos have equities in a partnership as follows: Angeles 300,000 Bondoc 750,000 Campos 700.000 and share of profits and losses in a ration of 5.3.2, respectively. The partners have agreed to admit Dantes to the partnership REQUIRED Prepare the journal entries to record the admission of Dantes to the partnership under each of the following assumptions.1. Dantes paid Angeles P450.000 for his full interest 2. Dantes invested P500,000 for a 25% interest, and bonus is recorded for Dantes 3 Dantes invested P600,000 for a 20% interest, and bonus is recorded for the old partners.

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For Industry H, determine each partner's share of income assuming the partners agree to share income by giving a $67,700 per year salary allowance to Price, a $126,100 per year salary allowance to Waterhouse, a $113,700 per year salary allowance to Coopers, a 15% interest on their initial capital investments, and the remaining balance shared equally. (Enter all allowances as positive values. Enter losses as negative values.) Important! Be sure to click the correct Industry at the top of the dashboard. Net income (loss) Salary allowances Balance of income (loss) Interest allowances Balance of income (loss) Balance allocated equally Balance of income (loss) Shares of each partner Initial partnership investments Net income Allocation of Partnership Income Price Total net income Total 0 Waterhouse $ $ PRICE, WATERHOUSE, AND COOPERS Statement of Partners' Equity For Year Ended December 31 Price Coopers 0 0 Waterhouse 0 0 0 $ For Industry H, prepare a statement of partners' equity for the…