net 400 PR 12-1B Entries and balance sheet for partnership OBJ On April 1, 2013, Lang Capri a partnership. Lang agrees to invest $18,000 cash and merchandise inventory valued at invests certain business assets at ag cash to bring his upon, transfers business liabilities, and contributes sufficient ness assets and capital to $120,000. Details regarding the book values of the busi liabilities, and the agreed valuations, follow: Capri's Ledger Agreed-Upon Balance Balance Accounts Receivable $43,400 $45,700 Allowance for Doubtful Accounts 3,200 3,500 Merchandise Inventory 28,900 31,500 Equipment 89,500 63,400 Accumulated Depreciation-Equipment 19,000 23,400 23,400 Accounts Payable 15,000 15,000 Notes Payable (current) The partnership agreement includes the following provisions regarding the division net income: interest of 10% on original investments, allowances and $22,000 (Capri, and the remainder equally