Entries and Baiance Sheet for Partnership On April 1, 20Y1, Whitney Lang and El Capri form a partnership. Lang agrees to invest $11,400 cash and merchandise inventory valued at $30,800. Capri invests certain business assets at valuations agreed upon, transfers business liabilities, and contributes sufficient cash to bring his total capital $76,000. Details regarding the book values of the business assets and liabilities, and the agreed valuations, follow: The partnership apreement includes the following provisions regardino the division of net income: interest of 10% on original investments, salary allowances of $34,200 (tang) and $20,900 (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. 1. Joumalize 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. 2. Prepare a balance sheet as of April 1, 20Y1, the date of foemation of the parthership of Lang and Caprl. 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 $441,000 and expenses were $341,000, for a net income of $100,000. The drawing accounts have debit balances of $35,000 (Lang) and $30,000 (Capri), Journalize the entries to close 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. 3 more cheas uf Work isess remsning 3. After adjustments at March. 31,20Y2, the end of the first full year of operations, the revenues were $441,000 and expenses were $341,000, for a net income of $100,000. The drawing accounts have debit balances of $35,000 (Lang) and $30,000 (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