Problem 12-1A The post-closing trial balances of two proprietorships on January 1, 2017, are presented below Sorensen Company Lucas Company Cr. Dr. $9,400 20,000 Dr. Cr. 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 Accounts receivable Allowance for doubtful accounts Inventory Equipment $13,500 3,500 21,800 19,500 $20,000 3,100 15,600 11,700 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 $3,900 in cash, and Lucas will invest an additional $14,800 in cash. 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