connect.html Problem 12-4A Partnership income allocation, statement of partners' equity, and closing entries LO P2 [The following information applies to the questions displayed below Mo Meek, Lu Ling, and Barb Beck formed the MLB Partnership by making capital contributions of $82800, rt 2 of 3 $322,000, and $515,200, respectively. They predict annual partnership net income of $540,000 and are considering g alternative plans of sharing income and loss: (a) equally. (b) in the ratio of their initial capital nts; or (c) salary allowances of $86,800 to Mo. $65,100 to Lu, and $98.500 to Barb, interest allowances of 10% on their initial capital investments, and the balance shared as follows: 20% to Mo, 40% to Lu, and 40% to Barb. Problem 12-4A Part 2 2. Prepare a statement of partners' equity showing the allocation of income to the partners assuming they agree to use plan (c), that round intermediate calculations. Enter all allowances as positive values. Enter losses as negative values.) ences income earned is $540,000, and that Mo, Lu, and Barb withdraw $44,100, $58,100, and $74,100, respectively, at year-end. (Do not MLB PARTNERSHIP Mo Lu Prey 8 9of 9l Next > to search hapter 12 Partnership Income or Loss 2. Prepare a statement of partners equity showing the allocation of income to the partners assuming they income earned is S540,000, and that Mo, Lu, and Barb withdraw $44100. s$58,100, and $74,100, respectively, at year-end.(Do not round intermediate calculations. Enter all allowances as positive val agree to use plan (c), that art 2 of 3 ues. Enter losses as negative values.) PARTNERSHIP Statement of Partners' Equity ne Mo Lu Total K Prey 8 9 of 9Next> ere to search