The post-closing trial balances of two proprietorships on January 1, 2020, are presented below. Notes payable Sorensen, capital Sorensen and Lucas decide to form a partnership, Pharoah Company, with the following agreed upon valuations for noncash assets. Alowance for 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 $5,400 in cash, and Lucas will invest an additional $20,500 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.) lan. 1