Dividing LLC Income Martin Farley and Ashley Clark formed a limited liability company with an operating agreement that provided a salary allowance of $55,000 and $44,000 to each member, respectively. In addition, the operating agreement specified an income-sharing ratio of 3:5. The two members withdrew amounts equal to the salary allowances. Revenues were $668,000 and expenses were $520,000, for a net income of $148,000 a. Determine the division of $148,000 net income for the year. Schedule of Division of Net Income Farley Clark Total Salary allowance Remaining income Net Incore b. Provide journal entries to close the (1) revenues and expenses and (2) drawing accounts for the two members. For a compound transaction, an amount box does not require an entry, leave it blank. (1) Revenues Expenses Martin Farley, Member Equity Ashley Clark, Member Equity (2) Martin Farley Member Equity Ashley Clark, Member Equity Martin Farley, Drawing Check My Work 2 more Check My Work uses remaining Previous Next > All work saved Save and Submit Assignment for Grading MacBook Air FS F FO 512 $ A * % 5 4 & 7 6 8 9 0