Question: Problem 12-01A a-c (Part Level Submission) (Video) The post-closing trial balances of two proprietorships on January 1, 2020, are presented below. Sorensen Company Lucas

Problem 12-01A a-c (Part Level Submission) (Video) The post-closing trial balances of two proprietorships on January 1, 2020, are presented below. Sorensen Company Lucas Company Dr. Cr. Dr. Cr. Cash $14,000 $12,000 Accounts receivable 17,500 26,000 Allowance for doubtful accounts $3,000 $4,400 Inventory 26,500 18,400 Equipment 45,000 29,000 Accumulated depreciation-equipment 24,000 11,000 Notes payable 18,000 15,000 Accounts payable 22,000 31,000 Sorensen, capital 36,000 Lucas, capital 24,000 $103,000 $103,000 $85,400 $85,400 Sorensen and Lucas decide to form a partnership, Solu Company, with the following agreed upon valuations for noncash assets. Accounts receivable Allowance for doubtful accounts Inventory Equipment Sorensen Company Lucas Company $17,500 $26,000 4,500 4,000 28,000 20,000 25,000 15,000

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