P12-1A The post-closing trial balances of two proprietorships on January 1, 2019, and its valuations of non-cash assets. Molly Company Mammi Company Fair Value Dr Cr Dr Cr Molly Company Yummi Company Cash 14,000 12,000 Accounts receivable 17,500 26,000 17,500 26,000 Allowances for doubtful accounts 3,000 4,400 4,500 4,000 Inventory 26,500 18,400 28.000 20,000 Equipment 45,000 29,000 25,000 15,000 Accumulated depreciation 24,000 11,000 Notes payable 18,000 15,000 Accounts payable 22,000 31,000 Molly, Capital Yummi, capital 36,000 24,000 103,000 85,400 85,400 104,000 All cash will be transferred to the partnership, and the partnership will assume all the liabilities of the two proprietorship: Further, it is agreed that Molly will invest an additional $5,000 in cash, and Yummi 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, 2019.