Terrell Owens operates a small shop that sells fishing equipment. His postclosing trial balance on December 31, 2019. is shown below. Owens plans to enter into a partnership with Cathy Turner, effective January 1, 2020. Profits and losses will be shared equally. Owens is to transfer all assets and liabilities of his store to the partnership after revaluation as agreed. Turner will invest cash equal to Owens's Investment after revaluation. The agreed values are Accounts Receivable (net). $14,200; Merchandise Inventory. $19,600; and Furniture and Equipment, $12,000. The partnership will operate as Owens and Turner Angler's Outpost. Credit Debit 4,450 15,950 Owens Tackle Center Postclosing Trial Balance December 31, 2019 Account Name Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Furniture and Equipment Accumulated Depreciation Accounts Payable Capital Totals 2,200 44,700 28,800 22,700 3,709 65,309 93,900 93, 900 1. In general journal form, prepare the entries to record: a. The receipt of Owens's Investment of assets and liabilities by the partnership b. The receipt of Turner's investment of cash. 2. Prepare a balance sheet for Owens and Turner Angler's Outpost just after the investments Analyze: By what net amount were the net assets of Owens Tackle Center adjusted before they were transferred to the partnership