Problem 12-01A a-c (Video) The post-closing trial balances of two proprietorships on January 1, 2020, are presented below. Sorensen Company Lucas Company Dr. Cr. Dr. Cr. Cash $13,000 $11,500 Accounts receivable 17,000 25,000 Allowance for doubtful accounts $2,900 $4,200 Inventory 25,500 17,700 Equipment 43,000 28,000 Accumulated depreciation equipment 23,000 10,600 Notes payable 17,300 14,400 Accounts payable 21,100 29,800 Sorensen, capital 34,200 Lucas, capital 23,200 $98.500 $98,500 $82,200 $82,200 Sorensen and Lucas decide to form a partnership, Blossom Company, with the following agreed upon valuations for noncash assets. Sorensen Company Lucas Company Accounts receivable $17,000 $25,000 Allowance for doubtful accounts 4,300 3,800 Inventory 26,900 19,200 Equipment 24,000 14,400 All cash will be transferred to the partnership, and the partnership will assume all the liabilities of the two proprietorships. Prepare separate journal entries to record the transfer of each proprietorship's assets and liabilities to the partnership. (Credit account titles are automatically inder Date Account Titles and Explanation Debit Credit Jan. 1 ES Inventory Equipment 26,900 24,000 19,200 14,400 All cash will be transferred to the partnership, and the partnership will assume all the liabilities of the two proprietorships. Prepare separate journal entries to record the transfer of each proprietorship's assets and liabilities to the partnership. (Credit account titles are automatically indented w Date Account Titles and Explanation Debit Credit Jan. 1 (Transfer of Sorensen's assets and labilities.) > Jan. 1 > > > v 5 Click if you would like to Show Work for this question: Open Show Work