Healthy Mediciel, LLC, consists of two doctors, Anderson and
Langston, who share in all income and losses according to a 2:3
income-sharing ratio. Dr. Leeser has been asked to join the LLC.
Prior to admitting Leeser, the assets of Healthy 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 Anderson and Langston were
$154,000 and $208,000, respectively.
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 the bonus under the following independent situations:
1. Leeser purchased a 30% interest in Healthy Mediciel, LLC, for $228,000. For a compound transaction, if an amount box does not require an entry, leave it blank.
2. Leeser purchased a 25% interest in Healthy Mediciel, LLC, for $124,000. For a compound transaction, if an amount box does not require an entry, leave it blank.
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 the bonus under the following independent situations:
1. Leeser purchased a 30% interest in Healthy Mediciel, LLC, for $228,000. For a compound transaction, if an amount box does not require an entry, leave it blank.
2. Leeser purchased a 25% interest in Healthy Mediciel, LLC, for $124,000. For a compound transaction, if an amount box does not require an entry, leave it blank.
