Please do Required: A and B

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 recelve a total of 7,200 shares. 4. The partners' profit and loss-sharing ratio is shown in the trial balance. Required: o. 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 Corpotation's books to record the assets and the issuance of the common stock. Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet Record the transfer of net assets to A \& B Corporation. Note: Enter debits before credits. Journal entry worksheet Record the redistribution of stock to the prior partners. Note: Enter debits before credits: Journal entry worksheet Record the receipt of net assets from the partnership. Note: Enter debits before credits