Complete this question by entering your answers in the tabs below. Prepare the entries on the partnership's books to record (1) the revaluation of assets, (2) the transfer of the assets to A \& B Corporation and the receipt of the common stock, and (3) the closing of the books. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the revaluation of the assets. Note: Enter debits before credits. Record the redistribution of stock to the prior partners. Note: Enter debits before credits. Record the transfer of net assets to A \& B Corporation. Note: Enter debits before credits. Record the receipt of net assets from the partnership. Note: Enter debits before credits. When Alice and Betty decided to incorporate their partnership, Its trial balance was as follows: The partnership's books will be closed, and new books will be used for A \& B Corporation. The following additional information is available: 1. The estimated falr values of the assets follow: 2. All assets and liabilities are transferred to the corporation. 3. The common stock Is $10 par. Alice and Betty recelve a total of 7,500 shares. 4. The partners' profit and loss-sharing ratio is shown in the trial balance. Required: a. Prepare the entries on the partnership's books to record (1) the revaluation of assets, (2) the transfer of the assets to A \& B Corporation and the recelpt of the common stock, and (3) the closing of the books. b. Prepare the entries on A \& B Corporation's books to record the assets and the issuance of the common stock