On April 1, 2015, Whitney Lang and Eli Capri form a partnership. Lang agrees to invest $18,000 cash and merchandise inventory valued at $50,000. Capri invests certain business assets at valuations agreed upon, transfers business liabilities, and contributes sufficient cash to bring his total capital to $120,000. Details regarding the book values of the business assets and liabilities, and the agreed valuations, follow: The partnership agreement includes the following provisions regarding the division of net income: interest of 10% on original investments, salary allowances of $36,000 (Lang) and $22,000 (Capri), and the remainder equally. Instructions Journalize the entries to record the investments of Lang and Capri in the partnership accounts. Prepare a balance sheet as of April 1, 2015, the date of formation of the partnership of Lang and Capri. After adjustments and the closing of revenue and expense accounts at March 31, 2016 the end of the first full year of operations, the income summary account has a credit balance of $118,000, and the drawing accounts have debit balances of $40,000 (Lang) and 30,000 (Capri). Journalize the entries to close the income summary account and the drawing accounts at March 31, 2016