The post-closing trial balances of two proprietorships on January 1, 2022, are presented below.

		Sorensen Company				Lucas Company
		Dr.		Cr.		Dr.		Cr.
Cash		$13,000				$11,300
Accounts receivable		16,500				24,000
Allowance for doubtful accounts				$2,800				$4,100
Inventory		25,000				17,300
Equipment		42,000				27,000
Accumulated depreciationequipment				22,600				10,300
Notes payable				16,900				14,100
Accounts payable				20,700				29,100
Sorensen, capital				33,500
Lucas, capital								22,000
		$96,500		$96,500		$79,600		$79,600

Sorensen and Lucas decide to form a partnership, Wildhorse Company, with the following agreed upon valuations for noncash assets.

		Sorensen Company			Lucas Company
Accounts receivable		$16,500			$24,000
Allowance for doubtful accounts		4,200			3,800
Inventory		26,300			18,800
Equipment		23,500			14,100

All cash will be transferred to the partnership, and the partnership will assume all the liabilities of the two proprietorships.

The post-closing trial balances of two proprietorships on January 1, 2022, are presented below. Sorensen Company Lucas Company Dr. Cr. Dr. Cr. Cash $13,000 $11,300 Accounts receivable 16,500 24.000 Allowance for doubtful accounts $2,800 $4,100 Inventory 25,000 17,300 Equipment 42.000 27,000 22,600 10,300 16,900 14,100 Accumulated depreciation-equipment Notes payable Accounts payable Sorensen, capital 20,700 29.100 33,500 Lucas, capital 22,000 $96,500 $96,500 $79,600 $79,600 Sorensen and Lucas decide to form a partnership, Wildhorse Company, with the following agreed upon valuations for noncash assets. Sorensen Company Lucas Company Accounts receivable $16,500 $24,000 Allowance for doubtful accounts 4,200 3,800 Inventory 26,300 18,800 Equipment 23,500 14,100 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 (b) Further, it is agreed that Sorensen will invest an additional $4,700 in cash, and Lucas will invest an additional $17,900 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