Entries and Balance Sheet for Partnership On April 1, 20Y1, Whitney Limg and Eli Capri form a partnership. Lang agrees to invest $13,200 cash and merchandise inventory valued at $35,600. Capri invests certain business assots at valuations agreed upon, transters buriness liabilities, and contributes sufficient cash to bring his total capital to \$88,000. Detalis regarding the book values of the business assets and liabilities, and the agreed valuations, follow: The partrieishts adreement includes tha fnllswinn nnovisions regarding the division of net income: interest of 10% on original investments, salary llowances of 5 and the remainder equaly. 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. 2. Prepare a balance sheet as of April 1, 20Y1, the date of formation of the partnership of Lang and Capri. Liabilities Current liabilities: Total liabilities Partners' Equity Total partners' equity Total liabilities and partners' equity 3. After adjustments at March 31,20Y2, the end of the first full year of operations, the revenues were $425,000 and expenses were $309,000, for a net income of $116,000. The drawing accounts have debit balances of $41,000 (Lang) and $35,000 (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