3. Prepare the December 31, 2023, journal entry to close Income Summary assuming they agree to use alternative (c) and the profit is $490,800. Also, close the withdrawals accounts. View transaction list View journal entry worksheet No Date: General Journal 1 December 31, 2023 Income summary Ben Conway, capital Clair Scott, capital Ida Chan, capital Debit Credit Ben Conway, Ida Chan, and Clair Scott formed CCS Consulting this year by making capital contributions of $284,000, $320,000, and $214,000, respectively. They anticipate annual profit of $490,800 and are considering the following alternative plans of sharing profits and losses: a. Equally; b. In the ratio of their initial investments; or c. Salary allowances of $130,000 to Conway, $105,000 to Chan, and $80,000 to Scott and interest allowances of 15% on initial Investments, with any remaining balance shared equally. Required: 1. Use the schedule to show how a profit of $490,800 would be distributed under each of the alternative plans being considered. (Enter all amounts as positive values.) Profit (Loss) Sharing Plan Calculations (a) Profit (b) Profit (c) Profit Salary allowances Interest allowances Total salaries and interest allocation Balance of Profit Balance allocated equally Balance of Profit Shares of partners Share to Conway Share to Chan Share to Scott Total $ 163,600 $ 163,600 $ 163,600 $ 490,800 $ $ 130,000 $ 105,000 $ 80,000 42,600 48,000 0 $ 400,800 32,100 $ 437,700 $ 172,600 $ 153,000 $ 112,100 $ 53,100 0 $ 53,100 $ 172,600 $ 153,000 $112,100 $437,700 2. Prepare a statement of changes in equity showing the allocation of profit to the partners, assuming they agree to use alternative (c) and the profit actually earned for the year ended December 31, 2023, is $490,800. During the year, Conway, Chan, and Scott withdraw $60,000, $50,000, and $40,000, respectively. (Enter all amounts as positive values.) CCS Consulting Statement of Changes in Equity For Year Ended December 31, 2023 Capital, January 1 Total Capital, December 311 Conway Chan Scott Total 0 0 0 0 0 0 0 0 0 0 0 3. Prepare the December 31, 2023, journal entry to close Income Summary assuming they agree to use alternative (c) and the profit is $490,800. Also, close the withdrawals accounts. View transaction list View journal entry worksheet No 1 Date December 31, 2023 Income summary Ben Conway, capital Clair Scott, capital Ida Chan, capital General Journal Debit Credit