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Correct Journal Entry? LLC, for 20 Y2 were $1,235,800,886,700 and $349,100 respectively. Amounts equal to the salary and interest allowances were withdrawn by the members.
Correct Journal Entry?
LLC, for 20 Y2 were $1,235,800,886,700 and $349,100 respectively. Amounts equal to the salary and interest allowances were withdrawn by the members. Required: A. Determine the division of income among the three members. B. Prepare the journal entries to close the net income and withdrawals to the individual member equity accounts. Refer to the Chart of Accounts for exact wording of account titles. C. Prepare a statement of members' equity for 20Y2. D. What are the advantages of an income-sharing agreement for the members of this LLCStep by Step Solution
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