The post-closing trial balances of two proprietorships on January 1, 2022, are presented below, Sorensen and Lucas decide to form a partnership, Pharoah 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. (a) Prepare separate journal entries to record the transfer of each proprietorship's assets and liabilities to the partnership. (Credit account titles are outomatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Jan. 1 Cash Accounts Recelvable: Allowance for Doubtful Accounts tiventory Equivenent Accumalated Degreciation - Equipment Notes Payable Accownts Payable (Transfer of Sorensen's assets and liabilities.) Jan. 1 (Transfer of Sorensen's assets and liabilities.) tan.1 (Transfer of Lucas' assets and llabilities.) Further, it is agreed that Sorensen will invest an additional $4,200 in cash, and Lucas will invest an additional $16,000 in cash. Journalize the additional cash investment by each partner. (Credit account titles are outomatically indented when amount is entered. Do not indent manually.) PHAROAH COMPANY Balance Sheet Assets $ $ Liabilities and Owners' Equity