Entries and Balance Sheet for Partnership On April 1, 20Y1, Whitney Lang and Ell Capri form a partnership. Lang agrees to invest $15,800 cash and merchandise inventory valued at \$42,700. Capri invests certain business assets at valuations agreed upon, transfers business liablities, and contributes sufficient cash to bring his total capital to $106,000. Detalls regarding the book values of the business assets and liabilities, and the agreed valuations, follow: The partnership agreement includes the following provislons regarding the division of net income: interest of s\% on original investments. salery allowances of $47,400 (Lang) and $28,900 (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 requ: entry, leave it blank. April 1, 20y1 Assetio Current assets: Cash 5 Accounts Recelvable Less Allowance for Doubtful Accounts Merehandise Inventory Total current assets Property, plant, and equipment: Equipment Total assets Current liabilities: Liabilities Accounts Pavable Notes Payable Total liabilities Pattnors' Equity 3. After adjustments at March 31,20Y2, the end of the first full year of operations, the revenues were $428,000 and expenses were $276,000, for a net income of $152,000. The drawing accounts have debit balances of $53,000 (Lang) and $46,000 (Capri). Journaliz 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. 3. After adjustments at March 31, 20y2, the end of the first full year of operations, the revenues were $428,000 and oxpenses were $276,000, for a net income of $152,000. The drawing accounts have debit balances of $53,000( Lang ) and $46,000 (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