P12.1 (LO 1, 2), AP Financial Statement The post-closing trial balances of two proprietorships on January 1, 2022, are presented below. Cash Accounts receivable Allowance for doubtful accounts Inventory Equipment Accumulated depreciation-equipment Notes payable Accounts payable Sorensen, capital Lucas, capital Accounts receivable Allowance for doubtful accounts Sorensen Company Dr. Cr. $ 14,000 17,500 Inventory Equipment 26,500 45,000 $103,000 $ 3,000 24,000 18,000 22,000 36,000 $103,000 Sorensen Company $17,500 4,500 28,000 25,000 Lucas Company Dr. Cr. $12,000 26,000 18,400 29,000 $85,400 Sorensen and Lucas decide to form a partnership, Solu Company, with the following agreed upon valua- tions for noncash assets. $ 4,400 11,000 15,000 31,000 24,000 $85,400 Lucas Company $26,000 4,000 20,000 15,000 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 $5,000 in cash, and Lucas will invest an additional $19,000 in cash. Instructions a. Prepare separate journal entries to record the transfer of each proprietorship's assets and liabilities to the partnership. b. Journalize the additional cash investment by each partner. c. Prepare a classified balance sheet for the partnership on January 1, 2022. P1??

P12.1 (LO 1, 2), AP The post-closing trial balances of two proprietorships on January 1, 2022, are presented below. Sorensen and Lucas decide to form a partnership, Solu Company, with the following agreed upon valua. tions for noncash assets. 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 $5,000 in cash, and Lucas will invest an additional $19,000 in cash. Instructions a. Prepare separate journal entries to record the transfer of each proprietorship's assets and liabilities to the partnership. b. Journalize the additional cash investment by each partner. c. Prepare a classified balance sheet for the partnership on January 1, 2022