When disney and charles decided to incorporate their partnership, the trial balance was as follows: debit creditcash 50,000 accounts receivable, net 25000 inventory 55,000 equipment, net 120,000 accounts payable 40,000disney, capital 140,000charles, capital 70,000total 250,000 250,000the partnership's books will be closed, and new books will be used for d & c corporation. the following additional information is available: 1. the estimated fair values of the assets follow: accounts receivable 22,000inventory 48,000equipment 95,0002. all assets and liabilities are transferred to the corporation.3. the common stock is $5 par. alice and betty receive a total of 24,000 shares.4. disney and charles share profits and losses in the ratio 6: 4.required: a. prepare the entries on the partnership's books to record (1) the revaluation of assets, (2) thetransfer of the assets to the d & c corporation and the receipt of the common stock, and (3) the closing of the books. b. prepare the entries on d & c corporation's books to record the assets and the issuance of the common stock.
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