The post-closing trial balances of two proprietorships on January 1, 2014, are presented below. Cash Accounts receivable Allowance for doubtful accounts Inventory Equipment Accumulated depreciation equipment Notes payable Accounts payable Utech, capital Flott, capital Utech Company Dr. Cr. $ 10,000 18,000 $ 2,000 35,000 60,000 28,000 20,000 30,000 43,000 Flott Company Dr. Cr. $ 8,000 30,000 $ 3,000 20,000 35,000 15,000 40,000 35,000 $93,000 $123,000 $123,000 $93,000 Utech and Flott decide to form a partnership, Commander Company, with the following agreed upon valuations for noncash assets. Utech Company Flott Company Accounts receivable $18,000 $30,000 Allowance for doubtful accounts 2,500 4,000 Inventory 38,000 25,000 Equipment 35,000 18,000 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 Utech will invest an addi- tional $3,500 in cash, and Flott will invest an additional $16,000 in cash. Instructions (a) Prepare separate journal entries to record the transfer of each proprietorship's assets and liabilities to the partnership. (b) Journalize the additional cash investment by each partner. (c) Prepare a classified balance sheet for the partnership on January 1, 2014