On April 1, 20Y1, Whitney Lang and Eli Capri form a partnership. Lang agrees to invest $13,700 cash and merchandise inventory valued at $37,000. Capri invests certain business assets at valuations agreed upon, transfers business liabilities, and contributes sufficient cash to bring his total capital to $92,000. Details regarding the book values of the business assets and liabilities, and the agreed valuations, follow: Capri's Ledger Balance Agreed-Upon Balance Accounts Receivable $21,000 $17,000 Allowance for Doubtful Accounts 900 1,100 Merchandise Inventory 24,400 32,700 Equipment 41,100 39,900 Accumulated Depreciation-Equipment 13,700 Accounts Payable 7,400 7,400 Notes Payable (current) 4,500 4,500 The partnership agreement includes the following provisions regarding the division of net income: interest of 8% on original investments, salary allowances of $41,100 (Lang) and $25,100 (Capri), and the remainder equally. Required: 1. Journalize the entries to record the investments of Lang and Capri in the partnership accounts. If an amount box does not require an entry, leave it blank. 1. Journalize the entries to record the investments of Lang and Capri in the partnership accounts. If an amount box does not require an entry, leave it blank. ACCOUNT DEBIT CREDIT Apr. 1 Apr. 1 2. Prepare a balance sheet as of April 1, 20Y1, the date of formation of the partnership of Lang and Capri. Lang and Capri Balance Sheet Lang and Capri Balance Sheet April 1, 2041 Assets Current assets: $ Total current assets $ Property, plant, and equipment: Total assets $ Liabilities Current liabilities: $ Total liabilities Liabilities Current liabilities: Total liabilities Partners' Equity $ Total partners' equity Total liabilities and partners' equity