2. Prepare a balance sheet as of April 1, 20Y1, the date of formation of the partnership of Lang and Capri. 2. Prepare a balance sheet as of April 1, 20Y1, the date of formation of the partnership of Lang and Capri. tang and Capri Balance Sheet April 1, 20Y1 Assets Current assets: Total current assets Property, plant, and equipment: Total assets Liabilities Current liabilities: Total liabilities On.April 1,20Y1, Whitner Lang and Eli Capel form a partnership. Lang aprees to invest $12,900 cash and merchandise inventory valued at $34,800. Capri invests certain values of the business assets and liabilities, and the agreed valuations, follow: The partnership agreement includes the following provisions regarding the division of net income: interest of 10% on originat investments, salary allowances of $38,700 (Lang) and $23,600(Capr), and the remainder equally. Required: 1. Journalize the entries to record the investments of (1) Lang and (2) Capri in the purtnership accounts. For a compound transaction, if an amount box does not require an entry, leave it blank. 3. After adjustments at March 31,20Y2, the end of the first full year of operations, the revenues were $442,000 and expenses were $328,000, for a net income of $114,000. The drawing accounts have debit balances of $40,000 (Lang) and $34,000 (Capr). Joumalize the entries to close the reverues 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