Entries and Balance Sheet for Partnership On April 1, 2011, Whitney Lang and Eli Capri form a partnership. Lang agrees to invest $10,800 cash and merchandise inventory valued at $29,200. Capri invests certain business assets at valuations agreed upon, transfers business liabilities, and contributes sufficient cash to bring his total capital to $72,000. 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 $16,500 $13,400 Allowance for Doubtful Accounts 700 900 Merchandise Inventory 19,200 25,700 Equipment 32,400 31,400 Accumulated Depreciation-Equipment 10,800 Accounts Payable Notes Payable (current) 5,800 3,600 5,800 3,600 The partnership agreement includes the following provisions regarding the division of net income: interest of 12% on original investments, salary allowances of $32,400 (Lang) and $19,800 (Capri), and the remainder equally. Required 1. Journalize the entries to record the investments of Lang and Capri in the partnership accounts. If an amount box does not require an entry, leave it blank, 1. Journalize the entries to record the investments of Lang and Capri in the partnership accounts. If an amount box does not require an entry, leave it blank ACCOUNT DEBIT CREDIT Apr. 1 Apr. 1 111 111 2. Prepare a balance sheet as of April 1, 2011, the date of formation of the partnership of Lang and Caor O Next 2. Prepare a balance sheet as of April 1, 2011, the date of formation of the partnership of Lang and Capri Lang and Capri Current assets: Total current assets Property, plant, and equipment Total assets Current liabilities Balance Sheet April 1, 201 Assets Liabilities Total liabilities Partners Equity Total abilities Partners Equity Total partners equity Total abilities and partners equity $297,000 3. Aner astments at March 31, 2012, the and of the first full year of operations, the revenues were $403.000 and expenses (Lang) and $32,000 (Cap) Jumalize the entries to close the revenues and expenses and the drawing at March 31, 2012 named Mar 31 Mar 31 ACCOUNT DEBIT CREDIT ramme of $106,000. The wing posts have $37