The post-closing trial balances of two proprietorships on January 1, 2020, are presented below. Sorensen Company Lucas Company Dr. Cr. Dr. Cr. Cash $13,000 $11,300 Accounts receivable 16,500 24,000 Allowance for doubtful accounts $2,800 $4,100 Inventory 25,000 17,300 Equipment 42,000 27,000 Accumulated depreciation equipment 22,600 10,300 Notes payable 16,900 14,100 Accounts payable 20,700 29,100 Sorensen, capital 33,500 Lucas, capital 22,000 $96,500 $96,500 $79,600 $79,600 Sorensen and Lucas decide to form a partnership, Wildhorse Company, with the following agreed upon valuations for noncash assets. Accounts receivable Allowance for doubtful accounts Inventory Equipment Sorensen Company $16,500 4,200 26,300 23,500 Lucas Company $24,000 3,800 18,800 14,100 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 acc 2 formation of partnership.journal entries.docx You will need to make a journal entry for each partner separately. All assets and liabilities are being carried over to the partnership, so include them all at the proper value. The balancing account will be the partner's capital account