14. The post-closing trial balances of two proprietorships on January 1, 2020, are presented below. Jafar Company Hisham Company. Debit ($) Credit S) Debit ($) Credit ($) Cash 20,000 16,000 Account receivable 36,000 60,000 Allowance for doubtful debts 4,000 6,000 Merchandise inventory 70,000 40,000 Equipment 120,000 70,000 Accumulated depreciation - equipment 56,000 30,000 Notes Payable 40,000 Account Payable 60,000 80,000 Jafar, capital 86,000 Hisham, capital 70,000 Total (S) 246,000 246,000 186,000 186,000 Jafar and Hisham decide to form a partnership, Jafar & Hisham Company, with the following agreed upon valuations for noncash assets. Accounts receivable Allowance for doubtful debts Merchandise Inventory Equipment Jafar Co. 36,000 5,000 76,000 80,000 Hisham Co. 60,000 8,000 50,000 44,000 All cash will be transferred to the partnership, and the partnership will assume all the liabilities of the two proprietorships. Further, it is agreed that Jafar will invest an additional $7,000 in cash, and Hisham will invest an additional $32,000 in cash. Required: a) Prepare separate journal entries to record the transfer of each proprietorship's assets and liabilities to the partnership (2.0 marks) b) Journalize the additional cash investment by each partner (1.0 marks) c) Prepare a classified balance sheet for the partnership on January 1, 2020 (2.0 marks)