Problem 12-1A The post-closing trial balances of two proprietorships on January 1, 2017, are presented below. Sorensen Company Lucas Company Dr. Cr. Dr. Cr. Cash $15,000 $12,500 Accounts receivable 18,000 27,000 Allowance for doubtful accounts $3,100 $4,600 Inventory 27,500 19,100 Equipment 47,000 30,000 Accumulated depreciationequipment 25,000 11,400 Notes payable 18,700 15,600 Accounts payable 22,900 32,200 Sorensen, capital 37,800 Lucas, capital 24,800 $107,500 $107,500 $88,600 $88,600 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 $18,000 $27,000 Allowance for doubtful accounts 4,700 4,200 Inventory 29,100 20,800 Equipment 26,000 15,600 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 $5,200 in cash, and Lucas will invest an additional $19,800 in cash.