The post-closing trial balances of two proprietorships on January 1, 2020, are presented below. Sorensen Company Dr. Cr. Lucas Company Dr. Cr. Cash $13,000 $11,000 Accounts receivable 16,000 24,000 Allowance for doubtful accounts $2,800 $4,000 Inventory 24,500 16,900 Equipment 41,000 27,000 Accumulated depreciation-equipment 22,100 10,100 Notes payable 16,600 13,800 Accounts payable 20,200 28,500 Urensen, capital 32,800 ucas. capital 22,500 $94,500 $94,500 $78,900 $78,900 Sorensen and Lucas decide to form a partnership, Sandhill Company, with the following agreeu upon valuations for noncash assets. Accounts receivable Allowance for doubtful accounts Inventory Equipment Sorensen Company $16,000 4,100 25,800 23,000 Lucas Company $24,000 3.ru 18,400 13,800 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. (b) Further, it is agreed that Sorensen will invest an additional $4,600 in cash, and Lucas will invest an additional $17,500 in cash. Journalize the additional cash investment by each partner. (c) Prepare a classified balance sheet for the partnership on January 1, 2020. (List Current Assets in order of liquidity.)