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 available: 1. The estimated fair values of the assets follow: 2. All assets and liabilities are transferred to the corporation. 3. The common stock is $10 par. Alice and Betty receive a total of 7,400 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. lequired: . 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. . 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. 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. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field