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Prepare separate journal entries to record the transfer of each proprietorship's assets and liabilities to the partnership on January 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1 Cash 13,720 Accounts Receivable 17,150 Merchandise Inventory 27,440 Equipment 24,500 Allowance for Doubtful Accounts 4,410 Accounts Payable 39,200 1. Walker, Capital 39,200 (To invest assets in business by Walker.) Jan. 1 Cash 11,760 Accounts Receivable 25,480 Merchandise Inventory 19,600 Equipment 34,300 Allowance for Doubtful Accounts 4,900 Accounts Payable 45,080 P. Allen, Capital 41,160 (To invest assets in business by Allen.) eTextbook and Media Attempts: 3 of 5 used (c) Your answer is correct. Journalize the additional cash investment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles Debit Credit Jan. 1 Cash 1,960 I. Walker, Capital 1,960The trial balances of two proprietorships on January 1, 2024, follow: Walker Company Allen Company Dr. Cr. Dr. Cr. Cash $13,720 $11,760 Accounts receivable 17,150 25,480 Allowance for doubtful accounts $2,940 $4,312 Merchandise inventory 25,970 18,032 Equipment 44,100 28,420 Accumulated depreciation-equipment 23,520 10,780 Accounts payable 39,200 45,080 I. Walker, capital 35,280 P. Allen, capital 23,520 $100,940 $100,940 $83,692 $83,692 Walker and Allen decide to form a partnership on January 1 and agree on the following valuations for the noncash assets that they are each contributing: Walker Allen Accounts receivable-net realizable value $12,740 $20,580 Merchandise inventory 27,440 19,600 Equipment 24,500 34,300 All of the assets in each of the proprietorships will be transferred to the partnership. The partnership will also assume all the liabilities of the two proprietorships. Walker and Allen are also agreed that Allen will invest the amount of cash required so their investments in the partnership are equal.Prepare a balance sheet for the partnership as at January 1, 2024. (List Current Assets in order of liquidity.) WALKER AND ALLEN PARTNERSHIP Balance Sheet January 1, 2024 V Assets Current Assets V Cash 25,480 Accounts Receivable 33,320 Merchandise Inventory V 47,040 Total Current Assets V 105,840 Property, Plant, and Equipment V Equipment V 58,800 Total Assets 164,640 Liabilities and Partners' Equity Current Liabilities V Accounts Payable V 84,280 Partners' Equity V I. Walker, Capital 22,540 P. Allen, Capital V 2,940 Total Partners' Equity 25,480 Total Liabilities and Partners' Equity 109,760