Journalize the additional cash investment by each partner. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit Jan. 1 (To record Sorensen's investment.) Jan. 1 (To record Lucas investment.) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Prepare a classified balance sheet for the partnership on January 1, 2020. (List Current Assets in order of liquidity.) WILDHORSE COMPANY Balance Sheet Assets Liabilities and Owners' Equity Click if you would like to Show Work for this question: Seen Show Work Sorensen Company Lucas Company Dr. Dr. Cr. $17,000 20,500 $14,200 31,000 $3,500 55,200 31,500 53,000 21,700 34,000 Cash Accounts receivable Allowance for doubtful accounts Inventory Equipment Accumulated depreciation-equipment Notes payable Accounts payable Sorensen, capital Lucas, capital 28,300 21,200 26,000 43,000 13,000 17,700 36,600 $122,000 $122,000 $100,900 28,400 $100,900 Sorensen and Lucas decide to form a partnership, Wildhorse Company, with the following agreed upon valuations for noncash assets Accounts receivable Allowance for doubtful accounts Inventory Equipment Sorensen Company $20,500 5,300 33,000 29,500 Lucas Company $31,000 4,700 23,600 17,700 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 Sorensen will invest an additional $5,900 in cash, and Lucas will invest an additional $22,400 in cash. Prepare separate journal entries to record the transfer of each proprietorship's assets and liabilities to the partnership. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Cash 17000 Accounts Receivable 20500 Inventory Equipment Allowance for Doubtful Accounts Notes Payable Accounts Payable Sorensen, Capital (Transfer of Sorensen's assets and liabilities.) Jan. 1