Study Problem 12-1B on page 623. Calculate the total dollar value of partnership assets, liabilities, and capital as of April 1, 20Y1. Show your work.

PR 12-1B Entries and balance sheet for partnership On April 1, $18,000 cash and merch assets at valuations cash to b 20Y1, Whitney Lang and Eli Capri form a partnership. Lang agrees to invest andise inventory valued at $50,000. Capri invests certain business tons agreed upon, transfers business liabilities, and contributes sufficient ting his total capital to $120,000. Details regarding the book values of the busi- ness assets and liabilities, and the agreed valuations, follow Capri's Ledger Agreed-Upon Balance Balance $43,400 3,500 28,900 $45,700 3,200 31,500 89,500 19,000 23,400 15,000 Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Equipment Accumulated Depreciation-Equipment Accounts Payable Notes Payable (current) 63,400 23,400 15,000 partnership agreement includes the following provisions regarding the division of of $36,000 (Lang) The net income: interest of 10% on original investments, salary allowances and $22,000 (Capri), and the remainder equally Instructions 1. Journalize the entries to reco rd the investments of Lang and Capri in the partnership accounts. 2. Prepare a balance sheet as of April 1, 20Y1, the date of formation of the partnership of Lang and Capri. 3. After adjustments at March 31, 20Y2, the end of the first full year of operations, the revenues were $598,000 and expenses were $480,000, for a net income of $118,000