When Alice and Betty decided to incorporate their partnership, its trial balance was as follows: Cash Debit $ 8,700 Credit Accounts Receivable (net) Inventory Equipment (net) Accounts Payable Alice, Capital (60%) Betty, Capital (40%) Total 24,300 36,300 47,800 $ 17,900 64,300 34,900 $ 117,100 $ 117,100 The partnership's books will be closed, and new books will be used for A & B Corporation. The following additional information is available: 1. The estimated fair values of the assets follow: Accounts Receivable Inventory Equipment $ 23,500 33,100 40,600 2. All assets and liabilities are transferred to the corporation. 3. The common stock is $10 par. Alice and Betty receive a total of 7,300 shares. 4. The partners' profit and loss-sharing ratio is shown in the trial balance. Required: a. Prepare the entries on the partnership's books to record (1) the revaluation of assets, (2) the transfer of the assets to A & B Corporation and the receipt of the common stock, and (3) the closing of the books. b. Prepare the entries on A & B Corporation's books to record the assets and the issuance of the common stock.