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14 Lopez and Gomez are members in an LLC that reports net income of $141,000. An agreement states that Lopez receives a $21,100 salary allowance

14 Lopez and Gomez are members in an LLC that reports net income of $141,000. An agreement states that Lopez receives a $21,100 salary allowance and Gomez receives a $51,100 salary allowance. Any remaining income or loss is to be shared by Lopez and Gomez in a 3:2 ratio (in percents: Lopez, 60%; Gomez, 40%). 1. Determine each member's share of net income. 2. Prepare the entry to record the closing of Income Summary. Hint: The business is a limited liability company (LLC), so equity accounts are "Lopez, Member Equity" and "Gomez, Member Equity". Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine each member's share of net income. Allocation of each member's Income Net income Salary allowances Balance of income Lopez Gomez Total 0

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