When Alice and Betty decided to incorporate their partnership, its trial balance was as follows: Debit Credit Cash $ 8,900 Accounts Receivable (net) 22,500 Inventory 36,500 Equipment (net) 47,400 Accounts Payable $ 18,000 Alice, Capital (60%) 63,300 Betty, Capital (40%) 34,000 Total $ 115,300 $ 115,300 The partnerships books will be closed, and new books will be used for A & B Corporation. The following additional information is available: The estimated fair values of the assets follow: Accounts Receivable $ 21,700 Inventory 33,300 Equipment 40,200 All assets and liabilities are transferred to the corporation. The common stock is $10 par. Alice and Betty receive a total of 7,400 shares. The partners profit and losssharing ratio is shown in the trial balance. Required: a. Prepare the entries on the partnerships 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) b. Prepare the entries on A & B Corporations books to record the assets and the issuance of the common stock. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)