Entries and Balance Sheet for Partnership On April 1, 2011, Whitney Lang and Ell Capri form a partnership. Lang agrees to invest $9,700 cash and merchandise inventory valued at $26,200. Capri invests certain business assets at valuations agreed upon, transfers business liabilities, and contributes sufficient cash to bring his total capital to $65,000. 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 $14,800 $12,000 Allowance for Doubtful Accounts 600 800. Merchandise Inventory 17,300 23,200 Equipment 29,100 28,200 Accumulated Depreciation-Equipment 9,700 Accounts Payable 5,200 Notes Payable (current) 3,200 5,200 3,200 The partnership agreement includes the following provisions regarding the division of net income: interest of 10% on original investments, salary allowances of $29,100 (Lang) and $17,800 (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. Apr. 1 ACCOUNT DEBIT CREDIT