Flott, capital 35,000 $123,000 $123,000 $93,000 $93,000 Utech and Flott decide to form a partnership, Commander Company, with the following agreed upon valuations for noncash assets. Utech Company Flott Company Accounts receivable $18,000 $30,000 Allowance for doubtful accounts 2,500 4,000 Inventory 38,000 25,000 Equipment 35,000 18,000 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 Utech will invest an addi- tional $3,500 in cash, and Flott will invest an additional $16,000 in cash. Instructions (a) Prepare separate journal entries to record the transfer of each proprietorship's assets and liabilities to the partnership (b) Journalize the additional cash investment by each partner. Flott, capital 35,000 $123,000 $123,000 $93,000 $93,000 Utech and Flott decide to form a partnership, Commander Company, with the following agreed upon valuations for noncash assets. Utech Company Flott Company Accounts receivable $18,000 $30,000 Allowance for doubtful accounts 2,500 4,000 Inventory 38,000 25,000 Equipment 35,000 18,000 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 Utech will invest an addi- tional $3,500 in cash, and Flott will invest an additional $16,000 in cash. Instructions (a) Prepare separate journal entries to record the transfer of each proprietorship's assets and liabilities to the partnership (b) Journalize the additional cash investment by each partner