The post-closing trial balances of two proprietorships on January 1, 2022, are presented below. Sorensen and Lucas decide to form a partnership, Sheridan Company, with the following agreed upon valuations fo All cash will be transferred to the partnership, and the partnership will assume all the liabilities of the two proprietor Prepare separate journal entries to record the transfer of each proprietorship's assets and liabilities to the partnership. account titles are automatically indented when amount is entered. Do not indent manually.) signment n 7 of 10 16 (Transfer of Sorensen's assets and liabilities.) .1 Question 7 of 10 16 (Transfer of Sorensen's assets and liabilities.) Jan. 1 7 of 10 16 (Transfer of Lucas' assets and liabilities.) Further, it is agreed that Sorensen will invest an additional $5,500 in cash, and Lucas will invest an additional $20,900 in cash. Journalize the additional cash investment by each partner. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Prepare a classified balance sheet for the partnership on January 1, 2022. (List Current Assets in order of liquidity.) Question 7 of 10 16 $ $ Liabilities and Owners' Equity $ $ $ eTextbook and Media List of Accounts Save for Later Attempts: 0 of 5 used Submit