On April 1, 20Y1, Whitney Lang and Eli Capri form a partnership. Lang agrees to invest $10,500 cash and merchandise inventory valued at $28,400. Capri invests certain business assets at valuations agreed upon, transfers business liabilities, and contributes sufficient cash to bring his total capital to $70,000. Details regarding the book values of the business assets and liabilities, and the agreed valuations, follow: Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Equipment Accumulated Depreciation-Equipment Accounts Payable Notes Payable (current) Capri's Ledger Balance $16,100 700 18,700 31,500 10,500 5,700 3,500 Agreed-Upon Balance $13,000 900 25,100 30,600 5,700 3,500 4 The partnership agreement includes the following provisions regarding the division of net income: interest of 12% on original investments, salary allowances of $31,500 (Lang) and $19,200 (Capri), and the remainder equally.

On Aptit 1,20Y1, Whitney Lang and Eli Capri form a partnership. Lang agrees to invest $10,500 cash and merchandise inventory valued at $28,400. Capri investe certain business assets ot valuations agreed upon, transfers business liablities, and contributes suificient cash to bring his total capital to $70,000. Details regarding the book values of the business assets and liablities, and the agreed valuations, follow: The partnership agreement includes the following provisions regarding the division of net income: interest of 12% on onginal investinents, salary allowances of $31,500(Lang) and $19,200(Capr)), and the remainder equally. 1. Journalize the entries to record the investments of Lang and Capri in the partnership accounts. If an amount box does not require an entr Lang and Capri Balance Sheet April 1, 20Y1 Assets Current assets: Cash Accounts Receivable Less Allowance for Doubtful Accounts Merchandise Inventory Total current assets Property, plant, and equipment: Equipment Total assets Iiabilities Current liabilities: Accounts Payable Notes Payable Total liabilities Partners' Equity 3. After adjustments at March 31,20Y2, the end of the first full year of operations, the revenues were $459,000 and ex of $96,000. The drawing accounts have debit balances of $34,000 (Lang) and $29,000 (Capri). Journalize the entries to drawing accounts at March 31, 20Y2. If an amount box does not require an entry, leave it blank