Financial Accounting
Financial Accounting
14th Edition
ISBN: 9781305088436
Author: Carl Warren, Jim Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 12, Problem 14E

a.

To determine

Record journal entry for the asset revaluation.

b. 1

To determine

Provide journal entry

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Admitting a New LLC Member With Bonus Alert Medical, LLC, consists of two doctors, Abrams and Lipscomb, who share in all income and losses according to a 2:3 income-sharing ratio. Dr. Lin has been asked to join the LLC. Prior to admitting Lin, the assets of Alert Medical were revalued to reflect their current market values. The revaluation resulted in medical equipment being increased by $20,000. Prior to the revaluation, the equity balances for Abrams and Lipscomb were $192,000 and $220,000, respectively. a.  Provide the journal entry for the asset revaluation. If an amount box does not require an entry, leave it blank.   Medical Equipment  fill in the blank 2ad938f58fb4044_2 fill in the blank 2ad938f58fb4044_3   Abrams, Member Equity  fill in the blank 2ad938f58fb4044_5 fill in the blank 2ad938f58fb4044_6   Lipscomb, Member Equity  fill in the blank 2ad938f58fb4044_8 fill in the blank 2ad938f58fb4044_9 b.  Provide the journal entry for the bonus under the…
Admitting a New LLC Member With Bonus Alert Medical, LLC, consists of two doctors, Abrams and Lipscomb, who share in all income and losses according to a 2:3 income-sharing ratio. Dr. Lin has been asked to join the LLC. Prior to admitting Lin, the assets of Alert Medical were revalued to reflect their current market values. The revaluation resulted in medical equipment being increased by $18,000. Prior to the revaluation, the equity balances for Abrams and Lipscomb were $173,000 and $198,000, respectively. a.  Provide the journal entry for the asset revaluation. If an amount box does not require an entry, leave it blank.     fill in the blank df2363f53fc8ff1_2 fill in the blank df2363f53fc8ff1_3     fill in the blank df2363f53fc8ff1_5 fill in the blank df2363f53fc8ff1_6     fill in the blank df2363f53fc8ff1_8 fill in the blank df2363f53fc8ff1_9 b.  Provide the journal entry for the bonus under the following independent situations: 1.  Lin purchased a 30%…
Alert Medical, LLC, consists of two doctors, Abrams and Lipscomb, who share in all income and losses according to a 2:3 income-sharing ratio. Dr. Lin has been asked to join the LLC. Prior to admitting Lin, the assets of Alert Medical were revalued to reflect their current market values. The revaluation resulted in medical equipment being increased by $40,000. Prior to the revaluation, the equity balances for Abrams and Lipscomb were$154,000 and $208,000, respectively.a. Provide the journal entry for the asset revaluation.b. Provide the journal entry for the bonus under the following independent situations:1. Lin purchased a 30% interest in Alert Medical, LLC, for $228,000.2. Lin purchased a 25% interest in Alert Medical, LLC, for $124,000.

Chapter 12 Solutions

Financial Accounting

Ch. 12 - Prob. 1PEACh. 12 - Prob. 1PEBCh. 12 - Prob. 2PEACh. 12 - Prob. 2PEBCh. 12 - Prob. 3PEACh. 12 - Prob. 3PEBCh. 12 - Prob. 4PEACh. 12 - Prob. 4PEBCh. 12 - Prior to liquidating their partnership, Parker and...Ch. 12 - Liquidating partnerships Prior to liquidating...Ch. 12 - Prob. 6PEACh. 12 - Prob. 6PEBCh. 12 - Prob. 7PEACh. 12 - Eclipse Architects earned 1,800,000 during 2016...Ch. 12 - Prob. 1ECh. 12 - Prob. 2ECh. 12 - Prob. 3ECh. 12 - Prob. 4ECh. 12 - Prob. 5ECh. 12 - Prob. 6ECh. 12 - Prob. 7ECh. 12 - Marvel Media, LLC, has three members: WLKT...Ch. 12 - Prob. 9ECh. 12 - Prob. 10ECh. 12 - Prob. 11ECh. 12 - Prob. 12ECh. 12 - Prob. 13ECh. 12 - Prob. 14ECh. 12 - Prob. 15ECh. 12 - Prob. 16ECh. 12 - Prob. 17ECh. 12 - The statement of members equity for Bonanza, LLC,...Ch. 12 - Distribution of cash upon liquidation Hewitt and...Ch. 12 - Distribution of cash upon liquidation David Oliver...Ch. 12 - Liquidating partnershipscapital deficiency Lewis,...Ch. 12 - Prob. 22ECh. 12 - Prob. 23ECh. 12 - Statement of partnership liquidation After closing...Ch. 12 - Prob. 25ECh. 12 - Prob. 26ECh. 12 - The accounting firm of Deloitte Touche is the...Ch. 12 - Prob. 28ECh. 12 - Prob. 1PACh. 12 - Prob. 2PACh. 12 - Prob. 3PACh. 12 - Prob. 4PACh. 12 - Statement of partnership liquidation After the...Ch. 12 - Prob. 6PACh. 12 - Prob. 1PBCh. 12 - Prob. 2PBCh. 12 - Prob. 3PBCh. 12 - Prob. 4PBCh. 12 - Statement of partnership liquidation After the...Ch. 12 - On August 3, the firm of Chapelle, Rock, and Pryor...Ch. 12 - Prob. 1CPCh. 12 - Prob. 2CPCh. 12 - Prob. 3CPCh. 12 - Prob. 4CP
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