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Ken Lott and Jim Rosen operate separ decide to combine their separate bu form L & R Auto Repair, a partner presented below: operate separate auto repair shops. On January 1, 2007 they T separate businesses which were operated as proprietorships to epair, a partnership. Information from their separate balance sheets is Lott Auto Rosen Auto Cash Accounts Receivable Allowance for doubtful accounts Accounts Payable Notes Payable Salaries Payable Equipment Accumulated Depreciation Equipment $10,000 9,000 1,000 5,000 $12,000 7,000 500 6,000 3,000 1,500 24,000 4,000 1,000 12,000 2,000 It is agreed that the Fair Value of Lott's Accounts Receivable is $8,000, Allowance for doubtful accounts is $500 and Equipment $15,000. It is agreed that the Fair Value of Rosen's Accounts Receivable is $5,000, Allowance for doubtful accounts is $1,000 and Equipment $20,000. It is further agreed that the new partnership will assume all liabilities of the proprietorships with the exception of the Notes Payable on Rosen's balance sheet which he will pay himself. Instructions: epare the journal entries necessary to record the formation of the partnership