Chat with us, powered by LiveChat Excel Medical, LLC, consists of two doctors, Dougl - Writemia

Excel Medical, LLC, consists of two doctors, Dougl

Excel Medical, LLC, consists of two doctors, Douglass and Finn, who share in all income and losses according to a 2:3 income-sharing ratio. Dr. Lindsey Koster has been asked to join the LLC. Prior to admitting Koster, the assets of Excel Medical were revalued to reflect their current market values. The revaluation resulted in medical equipment being increased by $25,000. Prior to the revaluation, the equity balances for Douglass and Finn were $240,000 and $275,000, respectively.(a) Provide the journal entry for the asset revaluation.(b) Provide the journal entry for the bonus under the following independent situations:1. Koster purchased a 30% interest in Excel Medical, LLC, for $310,000.2. Koster purchased a 25% interest in Excel Medical, LLC, for $160,000.

Do you need an answer to this or any other questions?

About Writemia

We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.

How It Works

To make an Order you only need to click on “Place Order” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.

Are there Discounts?

All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.

Hire a tutor today CLICK HERE to make your first order