P30 book ORION Dow ent The post-closing trial balances of two proprietorships on January 1, 2017, are presented below Dr. Dr. $12,700 28,000 Cr. Cash Accounts receivable Allowance for doubtful accounts Inventory Equipment $15,000 18,500 $3,200 $4,700 19,500 31,000 48,000 25,400 19,100 23,300 11,700 15,900 32,900 Notes payable Sorensen, capital Lucas, capital 26,000 $109,500 $109,500 $91,200 $91,200 Sorensen and Lucas decide to form a partnership, Solu Company, with the following agreed upon valuations for noncash assets. Allowance for doubtful accounts Inventory Equipment All cash will be transferred to the $18,500 4,800 29,700 26,500 $28,000 4,200 21,200 15,900 All Rights Reserved. A Division of