Dividing Lic Income Martin Fatey and they are formed by company with an agree that provided a salary of $40,000 $30.000 expective. In other specified an income-sharing rate of 32. The two members withdrew amountsegu e merry lowanced Beve were 3.000 and experiere 520,000, for netom 143,000. .. Determine the division of 5145,000 net income for the year Schedule of Division of Net Income Farley Clark Total Salary allowance Remaining Income Net income 888 b. Provide yournal entries to do the (1) revenues and expenses and (2) drawing accounts for the two members for a comprend transaction finanut box does not require an entry leve bio (1) 0000 1000 0101 1110 (2) c. If the net income was less than the sum of the salary allowances, how would income be divided between the two members of the LLC of the net income of the LLC were less than the sum of the salary allowances, members would still be credited with the salary allowances. The difference been the income and to lowances would be allocated to each partner as according to the ratio