One member of a two member LLC taxed as an S Corp is selling his 25% interest to the LLC for $45000. Included in the 45000 is 8000 of retained earnings. The remaining 37000 is payment for the 25% equity. After the sale the remaining member will own 100 % of the company. Payment to the seller will come from the LLC.

What are the accounting entries for the LLC to record the transaction?

Thanks for the help?