The post$-$closing trial balances of two proprietorships on January $1,2022,$ are presented below.

Sorensen Company Lucas Company

Dr$.$ Cr$.$ Dr$.$ Cr$.$

Cash $$12,000$ $$10,100$

Accounts receivable $14,50022,000$

Allowance for doubtful accounts $$2,500$ $$3,700$

Inventory $22,50015,500$

Equipment $38,00024,000$

Accumulated depreciation$$equipment $20,2009,200$

Notes payable $15,10012,600$

Accounts payable $18,50026,000$

Sorensen, capital $30,700$

Lucas, capital $20,100$

$$87,000$ $$87,000$ $$71,600$ $$71,600$

Sorensen and Lucas decide to form a partnership, Pharoah Company, with the following agreed upon valuations for noncash assets.

Sorensen Company Lucas Company

Accounts receivable $$14,500$ $$22,000$

Allowance for doubtful accounts $3,8003,400$

Inventory $23,50016,800$

Equipment $21,00012,600$

All cash will be transferred to the partnership, and the partnership will assume all the liabilities of the two proprietorships.

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.$)$