When Alice and Betty decided to incorporate their partnership, its trial balance was as follows: Cash Accounts Receivable (net) Inventory Equipment (net) Accounts Payable Alice, Capital (60%) Betty, Capital (40%) Total Accounts Receivable Inventory Equipment Debit $ 9,700 23,900 37,500 47,400 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: Credit $ 19,300 63,500 35,700 $ 118,500 $ 118,500 $ 23,100 34,300 40,200 Required A Required B 2. All assets and liabilities are transferred to the corporation. 3. The common stock is $10 par. Alice and Betty receive a total of 7,100 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. Complete this question by entering your answers in the tabs below.

When Alice and Betty decided to incorporate their partnership, its trial balance was as follows: The partnership's books will be closed, and new books will be used for A \& B Corporation. The following additional information is ovaitable: 1. The estimated fair values of the assets follow: 2. All assets and liabilitios are transferred to the corporation. 3. The common stock is $10 par. Alice and Betty receive a total of 7,100 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 ossets and the issuance of the common stock. Complete this question by entering your answers in the tabs below