Entries and Balance Sheet for Partnership On April 1, 20Y1, Whitney Lang and Eli Capri form a partnership. Lang agrees to invest $16,100 cash and merchandise inventory valued at $43,500. Capri invests certain business assets at valuations agreed upon, transfers bu regarding the book values of the business assets and liabilities, and the agreed valuations, follow: Capri's Ledger Agreed-Upon Balance Balance Accounts Receivable $24,600 $19,900 Allowance for Doubtful Accounts 1,100 1,400 Merchandise Inventory 28,700 38,500 Equipment 48,300 46,900 Accumulated Depreciation-Equipment 16,100 Accounts Payable 8,700 8,700 Notes Payable (current) 5,300 5,300 The partnership agreement includes the following provisions regarding the division of net income: interest of 10% on original investments, salary allowances of $48,300 (Lang) and $29,500 (Capri), and the remainder equally.