Show Me How Entries and Balance Sheet for Partnership on April 1, 2011. Whitney Lang and Capriforma partnership Lang agrees to invest $11,200 cash and merchandisinventory valued at $30,200, Car invests certain business assets at valuations agreed upon, transfers business abilities, and contributes suficient cash to bring his total capita $75,000 Details regarding the book values of the business and it and the agreed Valuations, follow Capri's Ledger Agreed upon Balance Balance Accounts Receivable $17,100 $13.000 Allowance for Doubtful accounts 100 1,000 Merchandise Inventory 19.000 26.700 Equipment 32.600 Accumulated Depreciation 11 200 Accounts Payable 0.000 0.000 Notes Pavabile (current) 3.700 3.700 The partirement includes the following provisions regarding the Son of net income 10% onts, wances of 33.600 Car and the remainder equally 1. Journal entries to record the investments of (1) Lang and c) Capin the partnership accounts for a comprend transaction, it an amount box does not require an entry leave it Hank ACCOUNT DERIT CREDIT Ape 1 Apr1 Lano and capri Balance Sheet April 1, 2011 Assets Current assets: Total current assets Property, plant, and equipment: Total assets Liabilities Current liabilities: Total liabilities Partners Equity Total partners' equity Total liabilities and partners' equity 3. After adjustments at March 31, 2012, the end of the first full year of operations, the revents were $448,000 and expenses were $346,000, for a net income of $102,000. The drawing accounts have debit balances of $36,000 (Lang) and $31,000 (Capri). Journalize the entries to close the revenues and expenses and the drawing accounts at March 31, 2012. For a compound transaction, an amount box does not require an entry, leave it blank ACCOUNT DEN CREDIT Mar 31 Mar. 31 E