2:28 Chapter 12 Homework Entries and Balance Sheet for Partnership On April 1, 2011, Whitney Lang and Eli Capri form a partnership. Lang agrees to invest $15,600 cash and merchandise inventory valued at $42,100. Capri invests certain business assets at valuations agreed upon, transfers business liabilities, and contributes sufficient cash to bring his total capital to $105,000. Details regarding the book values of the business assets and liabilities, and the agreed valuations, follow: Capri's Ledger Agreed-Upon Balance Balance Accounts Receivable 123,900 $19,400 Allowance for Doubtful Accounts 1,000 1,300 Merchandise Inventory 27,000 37,300 Equipment 46,000 45,400 Accumulated Depreciation-Equipment 15,600 Accounts Payable 0,400 Notes Payable (current) 5,100 8,400 5,100 The partnership agreement includes the following provisions regarding the division of net income: interest of 10% on original investments, salary allowances of $46,800 (Lang) and $28,500 (Capri), and the remainder equally. Required: 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. ACCOUNT Merchandise Inventory Whitney Lang, Capital Cash Accounts Receivable- Merchandise Inventory Equipment Allowance for Doubtful Accounts Accounts Payable Notes Payable Capri Capital DESIT CREDIT