Entries and balance sheet for Psitnership On April 1, 20Y1, Whitney Lang and Ex Copri form a partnership. Lang ogreet to invest s12,100 cash and merchandise inventory velued at 532,700. Capri invests certain business assets at valuotions agreed upon, transfers bus ness liablites, and contribuses sufticient cash to bring his total capital to $81;000, Details regarding the beak values of the business assets and liabilitiks, and the agfeed valuations. follow: The partuership ogreement includes the follewing provisions regarding the division of net income: interest of dik on ariginal investments talary allewences of 336,300 (Cang) and: 322,100 (Capri), and the remainder equally Entries and Balance Sheet for Partnership On April 1, 20y1, Whitney Lang and Eli Capri form a parthership. Lang agrees to invest s12,100 cash and merchend se inventory vahed af 532,700. Capri invests certain business assets at valuotions agreed upen, transfers business liabilities, and contributes sufficient cash to bring his total capital to \$81,000. Details regarding the book velues of the business assets and liabilities, and the agreed valuations. follow: The partnership agreernent includes the folibwing provisions regarding the diviaion of net income interest of 876 on original investineats, salary allowances of $36,300 (Lang) and $22,100 (Capri), and the remainder equally. 1. Journalize the entries to record the investments of Lang and Capri in the partnership accounts. If an amcunt 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. 3. After adjustments at March 31,20V2, the end of the first full year of operatiens, the revenues were $451,000 and expenses wert $347,000, for a net income of $104,000. The drawing accounts have debit belances of $36,000 (Lang) and $31,000 (Capr), Journalien the entries to close the revemues and expenses and the drawing accounts at March 31, 20V2. If an amount bex dilss not require an antry. leave it blank. 3. Atter adjustments at March 31,2012 , the end of the first full year of operations, the revenues were $451,000 and expenses were $347,000, for a net income of $104,000. The drawing accounts have debit balances of $36,000 (Lang) and $31,000 (Capm). Jeumalith the entries to close the revenues and expenses and the drawing accounts at March 31,20V2. If an amount box does not require an entry. leave it blank