Entries and Balance Sheet for Partnership On April 1, 20Y1, Whitney Lang and El Capri form a partnership. Lang agrees to invest $18,000 cash and merchandise inventory valued at $50,000. Capri invests certain business assets at valuations agreed upon, transfers business liabilities, and contributes sufficient cash to bring his total capital to s120,000, Details regarding the book values of the business assets and liabilities, and the agreed valuations, follow: The poftiership agreement includes the following provisions regarding the division of net income: interest of 10% on original investments, salary allowances of s36, 000 (Lang) and $22,000 (Capri), and the remainder equally. Required: 1. Joumalire the entries to record the investments of Lang and Capo in the parthership accounts, If an amount box does not require an entry, leave it blank. Joumalize 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. 2. Prepare a balance sheet as of April 1, 20Y1, the date of formation of the partnership of Lang and Capri. 3. Artr adjustments at March 31,20 , , the end of the first full year of operations, the revenues were $598,000 and expenses were $480,000, tor a nat income of $118,000. The drawing accounts have debit balances of $40,000 (Lang) and $30,000 (Capr). Journalize the entries to close the revenues and expensas and the drawing accounts at March 31, 20Y2. 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 operotions, the revenues were $598,000 and expenses were $480,000, for a net income of $118,000. The drawing accounts have debit balances of $40,000 (Lang) and $30,000 (Capri). Joumalize the entries to close the revenues and expenses and the drawing accounts at March 31,20Y2. If an amount box does not require an entry, leave it blank