The post-closing trial balances of two proprietorships on January 1,2022, are presented below. Sorensen and Lucas decide to form a partnership. Crane 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. 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 Jan.1 cosh Accounts Recelvable Inventory Equlpment Allowance for Doubtful Accounts Notes Payable Accounts Payable Sorensen, Copltal (Transfer of Sorensen's assets and liabilities.) Jan1 Cash Accounts Recelvable Imventory Equipment Allowance for Doubtful Accounts Notes Payable Accounts Payable Lucas, Copltal Debit 11000 \begin{tabular}{|r|} \hline 13500 \\ \hline 20000 \\ \hline \end{tabular} 34000 \begin{tabular}{ll} \hline & 13700 \\ \hline \end{tabular} \begin{tabular}{|l|} \hline 16700 \\ \hline 27600 \\ \hline \end{tabular} Credit 18200 9100 8400 \begin{tabular}{|r|} \hline 11400 \\ \hline 23500 \\ \hline \end{tabular} \begin{tabular}{r} 24000 \\ \hline 22000 \\ \hline \end{tabular} 18400 Further, it is agreed that Sorensen weil invest an additional $3,800 in cash, and Lucas will invest an additionai $14,400 in cash Do not indent manually) CRANECOMPANY Balance Sheet Assets Liabilities and Owners' Equity 5 5 eTextbook and Media