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The post-closing trial balances of two proprietorships on January 1, 2008, are presented below. Patrick Samuelson Company Company Dr. Cr. Dr. Cr. Cash $14,000 $12,000 Accounts receivable 17,500 26,000 Allowance for doubtful debts $3,000 $4,400 Merchandise inventory 26,500 18,400 Equipment 45,000 29,000 Acc. Depreciation-equipment 24,000 11,000 Notes payable 18,000 15,000 Accounts payable 22,000 31,000 Patrick, Capital 36,000 Samuelson, Capital 24,000 $103,000 $103,000 $85,400 $85,400 Patrick and Samuelson decide to form a partnership, Pasa Company, with the following agreed upon valuations for noncash assets. Patrick Samuelson Company Company Accounts receivable $17,500 $26,000 Allowance for doubtful debts 4,500 4,000 Merchandise inventory 28,000 20,000 Equipment 21,000 16,000 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 Patrick will invest an additional $5,000 in cash, and Samuelson will invest an additional $19,000 in cash. Prepare separate journal entries to record the transfer of each proprietorship's ass liabilities to the partnership. (List multiple debit/credit entries in descending ord amount.) Date Description/Account Jan. 1 (Transfer of Patrick's assets and liabilities.) Jan. 1 (Transfer of Samuelson's assets and liabilities.) Journalize the additional cash investment by each partner. Date Description/Account Jan. 1 (To record Patrick's investment.) Jan.1 (To record Samuelson's investment.) Prepare a balance sheet for the partnership on January 1, 2008. liquidity, current liabilities with notes payable first and owners PASA COMPANY Balance Sheet January 1, 2008 Assets Current assets $ Less: Total current assets Property, plant and equipment Total assets Liabilities and Owners' Equity Current liabilities Total current liabilities Owners' equity $ Total owners' equity Total liabilities and owners' equity