Sorensen Company Lucas Company Dr. Cr. Dr. Cr. $15,000 $12,700 18,500 28,000 $3,200 $4,700 28,000 19,500 48,000 31,000 2

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Sorensen Company
Lucas Company
Dr.
Cr.
Dr.
Cr.
$15,000
$12,700
18,500
28,000
$3,200
$4,700
28,000
19,500
48,000
31,000
25,400
11,700
19,100
15,900
23,300
32,900
38,500
26,000
$109,500
$109,500
$91,200
$91,20
Sorensen and Lucas decide to form apartnership, Oriole Company, with the following agreedupon valuations for noncash assets.
Sorensen Company
Lucas Company
All cash will be transferred to the partnership, and thepartnership will assume all the liabilities of the twoproprietorships.
(b): Further, it is agreed that Sorensen will invest anadditional $5,300 in cash, and Lucas will invest an additional$20,100 in cash. Journalize the additional cash investment byeach partner. (Credit account titles areautomatically indented when amount is entered. Do not indentmanually.)
No.
Account Titles and Explanation
Debit
Credit
enter a debit amount
enter a credit amount
select an account title to record Sorensen's investment onJanuary 1
enter a debit amount
enter a credit amount
(To record Sorensen's investment.)
select an account title to record Lucas' investment on January1
enter a debit amount
enter a credit amount
select an account title to record Lucas' investment on January1
enter a debit amount
enter a credit amount
(To record Lucas' investment.)
(c): Prepare a classified balance sheet for the partnership onJanuary 1, 2022. (List Current Assets in order ofliquidity.)
ORIOLE COMPANYBalance Sheetchoose the accounting period For the Year Ended January 1,2022For the Month Ended January 1, 2022January 1, 2022
Assets
select an opening name for subsection one
enter a balance sheet item
$enter a dollar amount
enter a balance sheet item
$enter a dollar amount
select between addition and deduction
enter a dollar amount
enter a subtotal of the two previous amounts
enter a balance sheet item
enter a dollar amount
select a closing name for subsection one
enter a total amount for subsection one
select an opening name for subsection two
enter a balance sheet item
enter a dollar amount
select a closing section name for this part of the balancesheet
$enter a total amount for this part of the balancesheet
Liabilities and Owners’ Equity
select an opening subsection name
enter a balance sheet item
$enter a dollar amount
enter a balance sheet item
enter a dollar amount
select a closing subsection name
enter a total amount for this subsection of the second part ofthe balance sheet
select an opening section name
select a balance sheet item
$enter a dollar amount
select a balance sheet item
enter a dollar amount
select a closing subsection name
enter a subtotal of the two previous amounts
select a closing name for this part of the balance sheet
$enter a total amount for this part of the balancesheet