$\backslash$table$[[,$The post$-$closing trial balances of two proprietorships on January $1,2022,$ are presented below.$],[,,$Sorensen Company,Lucas Company$],[,,$Dr$.,$Cr$.,$Dr$.,$Cr$.],[,$Cash,$$11,000,,$$$9,100,],[,$Accounts receivable,$13,500,,20,000,],[,$Allowance for doubtful accounts,,$$2,300,,$$$3,300],[,$Inventory,$20,000,,14,000,],[,$Equipment,$34,000,,22,000,],[,$Accumulated depreciation$-$equipment,,$18,200,,8,400],[,$Notes payable,,$13,700,,11,400],[,$Accounts payable,,$16,700,,23,600],[,$Sorensen, capital,,$27,600,,],[,$Lucas, capital,,,,$18,400],[,,$$$78,500,$$$78,500,$$$65,100,$$$65,100]]$ Sorensen and Lucas decide to form a partnership, Crane Company, with the following agreed upon valuations for noncash assets.

All cash will be transferred to the partnership, and the partnership will assume all the liabilities of the two proprietorships. Prepare a classified balance sheet for the partnership on January $1,2022.($List Current Assets in order of liquidity.$)$

CRANE COMPANY

Balance Sheet

January $1,2022$

Assets

$]$

Cash

Accounts Receivable

Allowance for Doubtful Accounts

Inventory

$

$

$$

$[$ Liabilities and Owners' Equity

Current Liabilities

Notes Payable

$

Accounts Payable

Total Current Liabilities

Owners' Equity

Sorensen, Capital

$

Total Owners' EquitySorensen, Capital

Lucas, Capital

Total Owners' Equity

Total Liabilities and Owners' Equity

$

$

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