Entries and Balance Sheet for Partnership On April 1, 20Y1, Whitney Lang and Eli Capri form a partnership. Lang agrees to invest $8,000 cash and merchandise inventory valued at $21,600. Capri invests certain business assets at valuations agreed upon, transfers business liabilities, and contributes sufficient cash to bring his total capital to $54,000. Details regarding the book values of the business assets and liabilities, and the agreed valuations, follow: 47 Capri's Ledger Agreed-Upon Balance Balance $12,200 $9,900 500 600 14,200 19,000 Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Equipment Accumulated Depreciation-Equipment Accounts Payable Notes Payable (current) 24,000 23,300 8.000 4,300 4,300 2,600 2,600 The partnership agreement includes the following provisions regarding the division of net income: interest of 12% on 62M de 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. ACCOUNT DEBIT CREDIT Apr. 1 Cash 8,000 21,600 Merchandise Inventory Whitney Lang, Capital 29,600 Apr. 1 Cash