On April 1, 20Y1, Whitney Lang and Eli Capit form a partnership. Lang agrees to invest $13,200 cash and merchandise inventory valued at $35,600. Capri ifvests certain business assets at valuations agreed upon, transfers business liabilities, and contributes sufficient cash to bring his total capital to 588,000 . Details regarding the book values of the business assets and liabilities, and the agreed valuations, follow: The partnership agreetvent includes the following provisions regarding the division of net income: interest of 10% on original investments, salary allowances of $39,600 : (Lang) and $24,200 (Coper), and the remainder equally. 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. on entry, leave it blank. Lang and Capri Balance Sheet April 1, 20Y1 Assets Current assets: Check My Work 2 more Check My Work uses remaining Liabilities Current liabilities: 3. After adjustments at March 31,20Y2, the end of the first full year of operations, the revenues were $425,000 and expenses were $309,000, for a net income of $116,000. The drawing accounts have debit balances of $41,000 (Lang) and $35,000 (Capri). Journalize the entries to close the revenues and expenses and the drawing accounts at March 31, 20Y2. For a compound transaction, if an amount box does not require an entry, leave it blank