P12-1A The post-closing trial balances of two proprietorships on January 1, 2017, ar presented below. Sorensen Company Lucas Cr Dr. Dr. Cr. 14,000 17,500 12,000 26,000 Cash Accounts receivable Allowance for doubtful accounts Inventory Equipment Accumulated depreciation-equipment Notes payable Accounts payable Sorensen, capital Lucas, capital $ 3,000 Allowan $ 4,400 26,500 45,000 18,400 29,000 Equipm 24,000 18,000 22,000 36,000 11,000 15,000 31,000 The partn transactio 1. A total 2. Gain or 3. Liabiliti 4, P. Roper 5. Cash wa 24,000 $103,000 $103,000 $85,400 $85,400 Sorensen and Lucas decide to form a partnership, Solu Company, with the following agreed upon valuations for noncash assets. Sorensen Company $17,500 4,500 28,000 25,000 Lucas Company $26,000 4,000 20,000 15,000 Accounts receivable Allowance for doubtful accounts Inventory Equipment (a) Prepare (b) Post to th (I) Prepa All cash will be transferred to the partnership, and the partnership will assume 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 C. Instructions (a) Prepare separate journal entries to record the transfer of each proprietorship's asseis 0,000 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, 2017, L the in