Entries and Balance Sheet for Partnership On April 1, 20Y1, Whitney Lang and Eli Capri form a partnership. Lang agrees to invest $12,100 cash and merchandise inventory valued at $32,700. Capri invests certain business assets at valuations agreed upon, transfers business liabilities, and contributes sufficient cash to bring his total capital to $81,000. Details regarding the book values of the business assets and liabilities, and the agreed valuations, follow: Capri's Ledger Balance Agreed-Upon Balance Accounts Receivable $18,500 $15,000 1,000 Allowance for Doubtful Accounts 800 Merchandise Inventory 21,500 28,800 Equipment 36,300 35,200 Accumulated Depreciation Equipment 12,100 6,500 Accounts Payable 6,500 Notes Payable (current) 4,000 4,000 The partnership agreement includes the following provisions regarding the division of net income: interest of 12% on original investments, salary allowances of $36,300 (Lang) and $22,100 (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 require an entry, leave it blank. 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 12,100 Merchandise Inventory 32,700 Whitney Lang, Capital 44,800 Apr. 1 Cash Accounts Receivable 15,000 Merchandise Inventory 28,800 Equipment 35,200 Allowance for Doubtful Accounts 1,000 Accounts Payable 6,500 Notes Payable 4,000 Eli Capri, Capital