$ Liabilities and Owners' Equity 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.) Sorensen and Lucas decide to form a partnership, Sheridan Company, with the following agreed upon valuations for noncash assets. All cash will be transferred to the partnership, and the partnership will assume all the liabilities of the two proprietorships. The post-closing trial balances of two proprietorships on January 1,2022, are presented below. $ $ 1 eTextbook and Media Further, it is agreed that Sorensen will invest an additional $4,300 in cash, and Lucas will invest an additional $16,300 in cash. Journalize the additional cash investment by each partner. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (Transfer of Sorensen's assets and liabilities.) Jan. 1 (Transfer of Sorensen's assets and liabilities.) Jan. 1 B