USA LLC member purchases 100% of remaining interest

[AmyCPA]

My client was an 80% owner/member of an LLC and purchased the remaining 20%. He paid $39,142 for 20% of the operating income for 2011, $45,062 for 20% of the average 2010 and 2011 operating income and $12,760 for 20% of the fmv ($0.00 tax basis) of the assets of the LLC. He will continue the LLC as sole member. Our plan is to elect to be treated as an S-Corporation.

What is the entry on the LLC's books for the above transaction?