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 $17,000 $14,900 Accounts receivable 21,500 32,000 Allowance for doubtful accounts $3,700 $5,500 Inventory 33,000 22,800 Equipment 56,000 36,000 Accumulated depreciationequipment 29,800 13,600 Notes payable 22,300 18,600 Accounts payable 27,300 38,400 Sorensen, capital 44,400 Lucas, capital 29,600 $127,500 $127,500 $105,700 $105,700 Sorensen and Lucas decide to form a partnership, Cullumber Company, with the following agreed upon valuations for noncash assets. Sorensen Company Lucas Company Accounts receivable $21,500 $32,000 Allowance for doubtful accounts 5,600 5,000 Inventory 34,700 24,800 Equipment 31,000 18,600 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 $6,200 in cash, and Lucas will invest an additional $23,600 in cash. Partially correct answer. Your answer is partially correct. Try again. Prepare separate journal entries to record the transfer of each proprietorships 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 Entry field with correct answer Entry field with correct answer 17,000 Entry field with correct answer Entry field with correct answer Entry field with correct answer 21,500 Entry field with correct answer Entry field with correct answer Entry field with incorrect answer 31,000 Entry field with correct answer Entry field with correct answer Entry field with correct answer 31,000 Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer 5,600 Entry field with correct answer Entry field with correct answer Entry field with correct answer 22,300 Entry field with correct answer Entry field with correct answer Entry field with correct answer 27,300 Entry field with correct answer Entry field with correct answer Entry field with incorrect answer (Transfer of Sorensen's assets and liabilities.) Jan. 1 Entry field with correct answer Entry field with correct answer 14,900 Entry field with correct answer Entry field with correct answer Entry field with correct answer 32,000 Entry field with correct answer Entry field with correct answer Entry field with correct answer 24,800 Entry field with correct answer Entry field with correct answer Entry field with correct answer 18,600 Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer 5,000 Entry field with correct answer Entry field with correct answer Entry field with correct answer 18,600 Entry field with correct answer Entry field with correct answer Entry field with correct answer 38,400 Entry field with correct answer Entry field with correct answer Entry field with incorrect answer 29,600 (Transfer of Lucas' assets and liabilities.) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Correct answer. Your answer is correct. Journalize the additional cash investment by each partner. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit Jan. 1 Entry field with correct answer Entry field with correct answer 6,200 Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer 6,200 (To record Sorensen's investment.) Jan. 1 Entry field with correct answer Entry field with correct answer 23,600 Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer 23,600 (To record Lucas' investment.) SHOW LIST OF ACCOUNTS SHOW ANSWER LINK TO TEXT LINK TO TEXT Partially correct answer. Your answer is partially correct. Try again. Prepare a classified balance sheet for the partnership on January 1, 2020. (List Current Assets in order of liquidity.) CULLUMBER COMPANY Balance Sheet Entry field with correct answer Assets Entry field with correct answer Entry field with correct answer Cash $Entry field with correct answer 61,700 Entry field with correct answer Accounts Receivable $Entry field with incorrect answer 32,000 Entry field with correct answer: Entry field with correct answer Allowance for Doubtful Accounts Entry field with incorrect answer 5,600 Entry field with incorrect answer 5,000 Entry field with correct answer Inventory Entry field with correct answer 59,500 Entry field with correct answer Entry field with incorrect answer 142,600 Entry field with correct answer Entry field with correct answer Equipment Entry field with incorrect answer 47,200 Entry field with correct answer $Entry field with incorrect answer 189,800 Liabilities and Owners Equity Entry field with correct answer Entry field with correct answer Notes Payable $Entry field with correct answer 40,900 Entry field with correct answer Accounts Payable Entry field with correct answer 65,700 Entry field with correct answer Entry field with correct answer 106,600 Entry field with incorrect answer Entry field with correct answer $Entry field with incorrect answer Entry field with correct answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer $Entry field with incorrect answer Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Question Attempts: 3 of 5 used SAVE FOR LATER SUBMIT ANSWER