a. Provide the journal entry for the asset revaluation. If an amount box does not require an entry, leave it blank. Equipment

Extracted text: a. Provide the journal entry for the asset revaluation. If an amount box does not require an entry, leave it blank. Equipment


Extracted text: 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.