The post-closing trial balances of two proprietorships on January 1, 2022, are presented below. Sorensen Company Lucas Company Dr. Cr. Dr. Cr. Cash $17,000 $14,900 Accounts receivable 21.500 32,000 Allowance for doubtful accounts $3,700 $5,500 Inventory 33,000 22,800 Equipment 56,000 36.000 Accumulated depreciation-equipment 29,800 13,600 Notes payable 22,300 18,600 Accounts payable 27.300 38,400 Sorensen, capital 44,400 Lucas, capital 29.600 $127.500 $127.500 $105,700 $105,700 Sorensen and Lucas decide to form a partnership, Cullumber Company, with the following agreed upon valuation Sorensen Company Lucas Company Accounts receivable $21.500 $32,000 Allowance for doubtful accounts 5,600 5.000 Inventory 34,700 24,800 21000 Accumulated depreciation-equipment 29,800 13,600 Notes payable 22.300 18,600 Accounts payable 27,300 38,400 Sorensen, capital 44,400 Lucas, capital 29,600 $127,500 $127,500 $105,700 $105,700 Sorensen and Lucas decide to form a partnership. Cullumber Company, with the following agreed upon valuations for noncash assets. Sorensen Company Lucas Company Accounts receivable $21.500 $32.000 Allowance for doubtful accounts 5.600 5,000 Inventory Equipment 34,700 31.000 24,800 18,600 All cash will be transferred to the partnership, and the partnership will assume all the liabilities of the two proprietorships. (a) Prepare suparate 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 Credit 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 Jan. 1 > > > Debit Jan. 1 (Transfer of Sorensen's assets and liabilities.)) (Transfer of Lucas assets and Sabities) Further, it is agreed that Sorensen will invest an additional $6,200 in cash, and Lucas will invest an additional $23.600 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 Jan. 1 Cash Jan. 1 Soranaan, Capital (To record Sorensen's investment.) Cash Lucas Capa (To record Lucas investment.) Debit Credit Current Assets Cash Accounts Receivable Less Inventory Allowance for Doubtful Accounts Total Current Aasats Property Plant and Equipment Equipmens Total Assets January 1, 2022 Assets Current Lablities Liabilities and Owners' Equity Payab Accounts Payable Owners Saulty Sorean Cha Lucas Capal Total Owners Equity Total Lasts and Owners touy 10600 $3500 fila