Problem 12-1A The post-closing trial balances of two proprietorships on January 1, 2017, are presented below. Sorensen Company Lucas Company Dr. Cr. Cr. Dr. $9,400 20,000 Cash Accounts receivable Allowance for doubtful accounts Inventory Equipment Accumulated depreciation-equipment Notes payable Accounts payable Sorensen, capital Lucas, capital $11,000 13,500 $2,300 $3,400 20,500 35,000 14,400 23,000 18,700 14,000 17,200 27,800 8,600 11,700 24,200 18,900 $80,000 $80,000 $66,800 $66,800 Sorensen and Lucas decide to form a partnership, Solu Company, with the following agreed upon valuations for noncash assets Sorensen Company Lucas Company $13,500 3,500 21,800 19,500 $20,000 3,100 15,600 11,700 Accounts receivable Allowance for doubtful accounts Inventory Equipment 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 $3,900 in cash, and Lucas will invest an additional $14,800 in cash