Problem 12-01A a-c (Video) The post-closing trial balances of two proprietorships on January 1, 2020, are presented below Company Lucas Company Dr Cr Cr Cash Accounts receivable Allowance for doubtful accounts Inventory Equipment Accumulated depreciation-equipment Notes payable Accounts payable Sorensen, capital Lucas, capital $14,200 31,000 $17,000 20,500 $3,500 $5,200 31,500 53,000 21,700 34,000 28,300 21,200 26,000 43,000 13,000 17,700 36,600 28,400 $122,000 $122,000 $100,900 $100,900 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 Allowance for doubtful accounts Inventory $20,500 5,300 33,000 29,500 $31,000 4,700 23,600 17,700 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 $5,900 in cash, and Lucas will invest an additional $22,400 in cash