*Problem 12-01A a-c (Part Level Submission) (Video) The post-closing trial balances of two proprietorships on January 1, 2020, are presented below Lucas Company $13,000 17,000 Cash Accounts receivable Alowance for doubtful accounts Inventory Equipment $11,500 25,000 $2,000 $4,200 25,500 43,000 17,700 28,000 Notes payable Accounts payable Sorensen, capital Lucas, capital 23,000 17,300 21,100 34,200 10,600 4,400 29,800 23,200 $98,500 98,500 $82,200 $82,200 Sorensen and Lucas decide to form a partnership, Blossom Company, with the folloing agreed upon valuations for noncash assets Accounts receivable Alowance for doubtful accounts tnventory tquipment $17,000 4,300 26,900 24,000 $25,000 3,800 19,200 14,400 All cash will be transferred to the partnership, and the partnershlp wll assume all the llabiitles of the two proprietorships. Further, it is agreed that Sorensen will Invest an addltional 54,800 in cash, and Lucas will Invest an additional $18,200 in cash Prepare separate journal entrles to record the transfer of each proprletorshlp's assets and llabilitles to the partnershlp. (Credit account titles are automatically indented when amount is ente Date Account Titles and Explanation Debit Credit Jan. 1 (Transfer of Sorensen's assets and lablitles.) Jan. 1 (Transfer of Lucas' assets and labilities.)