Mo Taylor and Molly Jackson operate separate hobby shops. On April 8, 2024, they decide to combine their businesses, which had been operated as proprietorships, to form Mo & Molly Partnership. Information from their separate balance sheets is presented below: Mo's Models Molly's Crafts Cash $7,680 $4,800 Accounts receivable 1,440 720 Allowance for doubtful accounts 288 96 Accounts payable 1,200 480 Equipment 1.920 960 Accumulated depreciation-equipment 768 384 It is agreed that the expected realizable value of Mo's accounts receivable is $960 and Molly's receivables is $480. The fair market value of Mo's equipment is $864 and Molly's equipment is $480. It is further agreed that the new partnership will assume all liabilities ENG 10:29 PM It is agreed that the expected realizable value of Mo's accounts receivable is $960 and Molly's receivables is $480. The fair market value of Mo's equipment is $864 and Molly's equipment is $480. It is further agreed that the new partnership will assume all liabilities of the proprietorships. (a) Prepare the journal entries necessary to record the formation of the partnership. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit 2024 Apr. 8