a. Determine the division of $148,000 net income for the year. Schedule of Division of Net Income Farley Clark Total Salary allowance 57,000 $ 46,000 $ 103,000 Remaining income 45,000 Net income 148,000 b. Provide journal entries to close the (1) revenues and expenses and (2) drawing accounts for the two members. For a compound transaction, if an amount box does not require an entry, leave it blank. (1) Revenues Martin Farley, Member Equity Ashley Clark, Member Equity Salary Expense (2) Martin Farley, Drawing Ashley Clark, Drawing DOOO 1000 000Remaining income 000 C] [:1 Net income E $[:] '- 148.000 t. .2" b. Provide journal entries to close the (1) revenues and expenses and (2) drawing accounts for the two members. For a compound transaction, if an amount box does not require an entry, leave it blank. (1) Revenues Martin Farley, Member Equity Ashley Clark, Member Equity Salary Expense HIHHHH ) (2) Martin Farley, Drawing Ashley Clark, Drawing llUUUU c. If the net income were less than the sum of the salary allowances, how would income be divided between the two members of the LLC? If the net income of the LLC were less than the sum of the salary allowances, both members would still be credited with their salary allowances. The difference between the net income and total salary allowances would be allocated to each partner as a deduction , according to the income-sharing ratio