Natalie's friend, Curtis Lesperance, decides to meet with Natalie after hearing that her discussions about a possible business partnership with her friend Katy Peterson have failed. (Natalie had decided that forming a partnership with Katy, a high school friend, would hurt their friendship. Natalie had also concluded that she and Katy were not compatible to operate a business venture together.) Because Natalie has been so successful with Continuing Cookie Chronice and Curtis has been just as successful with his coffee shop, they both conclude that they could benefit from each other's business expertise. Curtis and Natalie next evaluate the different types of business organization. Because of the advantage of limited personal liability, they decide to form a corporation Curtis has operated his coffee shop for 2 years. He buys coffee, muffins, and cookies from a local supplier. Natalie's business consists of giving cookie-making desses and selling fine European mixers. The plan is for Natalie to use the premises Curtis currently rents to give her cooking-making classes and demonstrations of the mixers that she sells. Natalie will also hire, train, and supervise staff to bake the cookies and muffins sold in the coffee shop. By offering her classes on the premises, Natalie will save on travel time going from one place to another. Another advantage is that the coffee shop will have one central cation for selling the mixer The current market values of the assets of both businesses are as follows Curtis's Coffee Continuing Cookie Chronide Cash 37130 $12,000 Accounts receivable 100 Inventory 450 1.200 Equipment 2.500 1.000- "Cookie Chronicle decided not to buy the delivery van considered in Chapter 10 Combining forces will also allow Natalie and Curtis to pool their resources and buy a few more to run their new business venture and Natalie then meet with lawyer and form a corporation on November 1, 2020, cated Cookies Coffee Creations Inc. The articles of corporation at that there will be two cases of shares that the corporation is authored to me common shares and preferred shares. The authorize 100,000 no por shares of common Mockan 10,000 na par shares of preferred to with # $0.50 no cumulative dividend. The assets held by each of their sole proprietorships will be transferred into the corporation at current market value Curtis will receive 10.180 common shares, and Nicole will receive 15.000 common shares in the corporation. Therefore, the shares have a fair value of si per share Natalie and Curtis are very excited about this new business venture. They come to you with the following ustions 800 Prepare the journal entries required on November 1, 2020, the date when Natalie and Curtis transfer the assets of their respective businesses into Cook & Coffee Creations Inc. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Nov. 1 W LIST OF ACCOUNTS