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 $11,300 Accounts receivable 16,500 24,000 Allowance for doubtful accounts $2,800 $4,100 Inventory 25,000 17,300 Equipment 42,000 27,000 Accumulated depreciation equipment 22,600 10,300 Notes payable 16,900 14,100 Accounts payable 20,700 29,100 Sorensen, capital 33,500 Lucas, capital 22,000 $96,500 $96,500 $79,600 $79,600 Sorensen and Lucas decide to form a partnership, Wildhorse Company, with the following agreed upon valuations for noncash assets. Sorensen Company Lucas Company Accounts receivable $16,500 $24,000 Allowance for doubtful accounts 4,200 3,800 Inventory 26,300 18,800 Equipment 23,500 14,100 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 when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 V V