CE Dr. Cr. Cash Dr. $11,000 14,000 $9,600 21,000 $2,400 $3,500 21,000 36,000 14,700 23,000 Accounts receivable Allowance for doubtful accounts Inventory Equipment Accumulated depreciation-equipment Notes payable Accounts payable Sorensen, capital Lucas, capital 19,200 14,400 17,600 28,400 8,800 12,000 24,800 $82,000 $82,000 19,200 $68,300 $68,300 Sorensen and Lucas decide to form a partnership, Ivanhoe Company, with the following agreed upon valuations for noncash assets. Accounts receivable Allowance for doubtful accounts Inventory Equipment Sorensen Company $14,000 3,600 22,400 20,000 Lucas Company $21,000 3,200 16,000 12,000 All cash will be transferred to the partnership, and the partnership will assume all the liabilities of the two proprietorships. Prepare separate lournal antin Prepare separate journal entries to record the transfer of each proprietorship's assets and liabilities to the partnership. (Credit a amount is entered. Do not indent manually.) 2-05 2.02 Date Account Titles and Explanation Debit Credit Jan. 1 (Transfer of Sorensen's assets and abilities.) Jan. 1