les and balance sheet for Partnership On April 1, 20Y1, Whitney Lang and Ell Capri form a partnership. Lang agrees to invest $16,800 cash and merchandise inventory valued at $45,400. Capri invests certain business assets at valuations agreed upon, transfers business liabilities, and contributes sufficient cash to bring his total capital to $113,000. Details regarding the book values of the business assets and liabilities, and the agreed valuations, follow: Capri's Ledger Agreed-Upon Balance Balance Accounts Receivable $25,700 $20,800 Allowance for Doubtful Accounts 1,100 1,400 Merchandise Inventory 29,900 40,100 Equipment 50,400 48,900 Accumulated Depreciation-Equipment < Accounts Payable Notes Payable (current) 16,800 9,100 9,100 5,500 5,500 The partnership agreement includes the following provisions regarding the division of net income: Interest of 12% on original investments, salary allowances of $50,400 (Lang) and $30,700 (Capri), and the remainder equally. Required: 1. Journalize the entries to record the investments of (1) Lang and (2) Capri in the partnership accounts. For a compound transaction, if an amount box does not require an entry, leave it blank. ACCOUNT DEBIT CREDIT