a Assignment/takeAssignment Main doinvokera&takeAssignment SemionLocator Sinprogress=fal LG Net Income and Statement of Members Equity Exploit Media, LLC, has three members: WACS Partners, Elyse O'Reilly, and Encounter Newspaper, LLC, On January 1, 2012, the three members had equity or $275,000, $55,000, and $220,000, respectively. WACS Partners contributed an additional $69,000 to Exploit Medis, uc in June 1, 2012 Elyse O'Reilly received an annual salary allowance of $76,000 during 2012. The members' equity accounts are also credited with 10% interest on each member's January 1 capital balance. Any remaining income is to be shared in the ratio of 4:3:3 among the three members. The revenuen, expenses and net income for Exploit Media, LLC, for 2012 were $1,730,000 $1,236,000 and $494,000, respectively. Amounts equal to the stary and interest allowances were withdrawn by the members a. Determine the division of income among the three members. If an amount box does not require an entry, leave it blank Schedule of Division of Income WACS Partners Elyse O'Reilly Encounter Newspaper, LLC Total Salary allowance Interest allowance Remaining Income (4:33) Net income b. Prepare the joumal entries to close the (1) revenues, expenses, and (2) withdrawals to the individual member equity accounts. If an amount box does not require an entry, leave it blank. (1) Previous Next Check My Work 3 more Check My Work uses remaining Cave and Exit Submit Assignment for Gradina apeNOWV2 Online Teachi X + Takeassignment/takeAssignment Main.do?invoker&takeAssignmentSession.ocatorkinprogress=fal eBook b. Prepare the journal entries to close the (1) revenues, expenses, and (2) withdrawals to the individual member equity accounts. If an amount box does not require an entry, leave it blank. (1) (2) c. Prepare a statement of members' equity for 20Y2. If an amount box does not require an entry, leave it blank. Exploit Media, LLC Statement of Members' Equity ber 3120Y2 Prepare a statement of members' equity for 2012. If an amount box does not require an entry, leave it blank Explolt Media, LLC Statement of Members' Equity For the Year Ended December 31, 2012 WACS Partners Madison Nelson Encounter Newspaper, LLC Total Balances, January 1, 2012 Capital additions Net Income for the year Member withdrawals Balonces, December 31, 20Y2 d What are the advantages of an income-sharing agreement for the members of this LLC? Without an income-sharing agreement, each member be credited with an equal proportion of the total earnings, or one-third each. Separate contributions be acknowledged in the income-sharing formula Previous Next Check My Work 3 more Check My Work uses remaining Save and Exit Submit Assignment for