L. Bowers and V. Lipscomb are partners in Elegant Event Consultants. Bowers and Lipscomb share income...

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.

b. Provide the journal entry for Ortiz’s admission under the following independent situations:

1. Ortiz purchased a 20% interest for $33,000. For a compound transaction, if an amount box does not require an entry, leave it blank.

2. Ortiz purchased a 30% interest for $83,000. For a compound transaction, if an amount box does not require an entry, leave it blank.

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