1. Journalize the entries to record the investments of (1) Lang and (2) Capri in the partnership accounts. For a compound transaction, if an amount box does not require an entry, leave it blank. On April 1, 20Y1, Whitney Lang and El Capri form a parthership. Lang agrees to invest $18,500 cash and merchandise inventory valued at $50,000. Capri invests certain business assets at valuations agreed upon, transfers business liabilities, and contributes sufficient cash to bring his total copital to $124,000. Detalis regarding the book values of the business assets and liabilibies, and the agreed valuations, follow: The parthership agrement includes the following provisions regarding the division of net income: interest of 10% on original investments, salary allowances of $55,500 (Lang) and $33,900 (Capri), and the remainder equally. Required: 1. Joumalize the entries to record the investments of (1) Lang and (2) Capri in the parthership accounts. For a compound transaction, if an amount bax does not require an entry, leave it blank. 2. Prepare a balance sheet as of April 1, 20Y1, the date of formation of the partnership of Lang and Capri. 3. After adjustments at March 31,202, the end of the first full year of operations, the revenues were $413,000 and expenses were $234,000, for a net income of $179,000. The drawing accounts have debit balances of $63,000 (Lang) and $54,000 (Capri). Journalize the entries to dose the revenues and expenses and the drawing accounts at March 31, 20y2. For a compound transaction, if an amount box does not require an entry, leave it blank