The post-closing trial balances of two proprietorships on January 1, 2022, 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 Accounts receivable Allowance for doubtful accounts Inventory Equipment Dr. $16,000 19,500 29,500 50,000 Cr. $19,500 $3,400 5,000 26,900 31,400 28,000 20,200 24,600 39,900 $115,000 $115,000 $95,000 $29,000 Lucas Company Dr. $13,400 Sorensen Company Lucas Company 4,500 22,400 16,800 29,000 20,600 32,000 Sorensen and Lucas decide to form a partnership, Sunland Company, with the following agreed upon valuations for noncash assets. Cr. $4,900 12,300 16,800 34,700 26,300 $95,000 All cash will be transferred to the partnership, and the partnership will assume all the liabilities of the two proprietorships.

Preaare a classified balance sheet for the partnership on January 1,2022. (List Current Assets in order of hiquidity) The post-closing trial balances of two proprietorships on January 1,2022, are presented below. Sorensen and Lucas decide to form a partnership, Sunland Company, with the following agreed upon valuations for noncash assets 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 $5,600 in cash, and Lucas will invest an additional $21,300 in cash. Journalize the additional cash investment by each partner. (Credit occount titles are automotically indented when amount is entered. Do not indent manually.)