Please post in excel and explain calculations Report in excel-Prepare entries for formation of a partnership and a balance sheet Sorensen Company Lucas company Dr Cr Dr Cr Cash $14,000 $12,000 Accounts Receivable $17,500 $26,000 Allowance for doubtful accounts $3,000 Inventory $26,500 $4,400 Equipment $45,000 $18,400 Accumulated Depreciation-equipment $24,000 $29,000 Notes payable $18,000 $11,000 Accounts payable $22,000 $15,000 Sorensen, Capital $36,000 $31,000 Lucas, Capital $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 non cash assets Sorensen Company Lucas company Accounts Receivable $17,500 $26,000 Allowance for doubtful accounts $4,500 $4,000 Inventory $28,000 $20,000 Equipment $25,000 $15,000 All cash will be transferred to the partnership, and the partnership will assume all the liabilities of the two proprietorships,.Further, it is agreed that Sorensen will invest an additional $5000.00 in cash, and Lucas will invest an additional $19,0000 in cash. a. Prepare separate journal entries to record the transfer of each proprietorships 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, 2022