Please post in excel and explain calculations Report in excel-Prepare entries for formation of a partnership and a balance sheet cas decide to form a partnership, solu company, with the following agreed upon valuations fo \begin{tabular}{|l|c|c|} \hline & Sorensen Company & \multicolumn{2}{|c|}{ Lucas company } \\ \hline Accounts Receivable & $17,500 & $26,000 \\ \hline Allowance for doubtful accounts & $4,500 & $4,000 \\ \hline Inventory & $28,000 & $20,000 \\ \hline Equipment & $25,000 & $15,000 \\ \hline \end{tabular} All cash will be transferred to the partnership, and the partnership will assume all the a. Prepare separate journal entries to record the transfer of each proprietorship's assets and b. Journalize the additional cash investment by each partner. c. Prepare a classified balance sheet for the partnership on January 1,2022 Please post in excel and explain calculations Report in excel-Prepare entries for formation of a partnership and a balance sheet cas decide to form a partnership, solu company, with the following agreed upon valuations fo \begin{tabular}{|l|c|c|} \hline & Sorensen Company & \multicolumn{2}{|c|}{ Lucas company } \\ \hline Accounts Receivable & $17,500 & $26,000 \\ \hline Allowance for doubtful accounts & $4,500 & $4,000 \\ \hline Inventory & $28,000 & $20,000 \\ \hline Equipment & $25,000 & $15,000 \\ \hline \end{tabular} All cash will be transferred to the partnership, and the partnership will assume all the a. Prepare separate journal entries to record the transfer of each proprietorship's assets and b. Journalize the additional cash investment by each partner. c. Prepare a classified balance sheet for the partnership on January 1,2022