The post-closing trial balances of two proprietorships on January 1, 2020, are presented below. Cash Accounts receivable Allowance for doubtful accounts Inventory Equipment Accumulated depreciation equipment Notes payable Accounts payable Sorensen, capital Lucas, capital Sorensen Company Dr. Cr. $10,000 13,000 $2,200 19,500 33,000 17,800 13,300 16,300 25,900 Lucas Company Dr. Cr. $8,900 19,000 $3,300 13,600 21,000 8,100 11,100 22,900 17,100 $62,500 $62,500 $75,500 $75,500 Sorensen and Lucas decide to form a partnership, Blossom Company, with the following agreed upon valuations for noncash assets. Accounts receivable Allowance for doubtful accounts Inventory Equipment Sorensen Company $13,000 3,300 20,700 18,500 Lucas Company $19,000 3,000 14,800 11,100 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. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 (Transfer of Sorensen's assets and liabilities.) Jan. 1 V V (Transfer of Lucas' assets and liabilities.) SHOW LIST OF ACCOUNTS Further, it is agreed that Sorensen will invest an additional $3,700 in cash, and Lucas will invest an additional $14,100 in cash. Journalize the additional cash investment by each partner. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit Jan. 1 (To record Sorensen's investment.) Jan. 1 (To record Lucas investment.) Prepare a classified balance sheet for the partnership on January 1, 2020. (List Current Assets in order of liquidity.) BLOSSOM COMPANY Balance Sheet Assets Liabilities and Owners' Equity $ >