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Lucas decide to form a partnership, Solu Company, with the following agreed upon valuations for noncash assets. Instructions a. Prepare separate journal entries to record

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Lucas decide to form a partnership, Solu Company, with the following agreed upon valuations for noncash assets. Instructions a. Prepare separate journal entries to record the transfer of each proprietorship's assets and liabilities to the partnership. a. Sorensen, Capital \$40,000 Lucas, Capital \$23,000 b. Journalize the additional cash investment by each partner. c. Prepare a claskified balance sheet for the partnership on January 1, 2022. c. Total assets $173,000 Journalize divisions of net income and prepare a partners' capital statement

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