Ch 12-3 Exercises and Problems book Calculator Print them LLC Net Income and Statement of Members' Equity Marvel Media, LLC, has three members: WLKT Partners, Madison Sanders, and Observer Newspaper, LLC. On January 1, 2012, the three members had equity of $215,000, $55,000, and $130,000, respectively. WUKT Partners contributed an addition 550,000 to Marvel, Media, LLC, on June 1, 2012. Madison Sanders received an annual salary allowance of $124,700 during 2002. The members' equity accounts are also credited with 18% interest on each member's January 1 capital balance. Any remaining income is to be shared in the ratio of 4:33 among the three members. The revenues, expenses, and net income for Marvel Media, uc, for 2012 were $1,200,503, 780,503 and 5420,000 respectively. Amounts equal to the salary and interest alowances were withdrawn by the members.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 WLKT Partners Madison Sanders Observer Newspaper, LLC Total Salary allowance Interest allowance Remaining income (4:33) Net Income b. Prepare the journal entries to close the (1) net income and (2) withdrawals to the individual member equity accounts. For a compound entry, it an amount box does not require an entry leave it blank. (1) (2) Previous NE Check My Work 2 more Check My Work uses remaining mal intructor Submit Arigento samant Score: 26.4% Ch 12-3 Exercises and Problems ebook Calculator Priem 21 c. Prepare a statement of members' equity for 2012. If an amount box does not require an entry, leave it bani. Marvel Media, LLC Statement of Member' For the Year Ted December 11, 2012 WUKT Partners Madison Sanders Observer Newspaper, LLC Total Balancs, January 1, 2012 Capital additions et income for you Member wird Balances December 11, 2012 d What are the advantages of an income-sharing agreement for the members of this LLC without an income-sharing agreement, each member de credited with an option of the total canings, or one-third each. Separate contbutions in the income thing formula Cd My Worm Check My Woman Previous Next Assignment Store 21.4 MacBook Air