Exploit Media, LLC, has three members: WACS Partners, Elyse O'Reilly, and Encounter Newspaper, LLC. On January 1, 2012, the three members had equity of S217.500, $40,300, and $167,700, respectively. WACS Partners contributed an additional 553,800 to Exploit Media, LLC, on June 1, 2072. Elyse O'Reilly received an annual salary allowance of $56,900 during 2012 The members' equity accounts are also credited with 10% interest on each member's January 1 capital balance. Any remaining income is to be shared in the ratio of 4.3:3 among the three members. The revenues, expenses, and net income for Exploit Media, LLC, for 20Y2 were 51,235,800, 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 Amounts equal to the salary and interest allowances were withdrawn by the members Required: a. Determine the division of income among the three members. If an amount box does not require an entry leave it blank b. Prepare the journal entry to close the revenues, expenses and withdrawals to the individual member oquity accounts. Refer to the chart of accounts for the exact wording of the account titles CNOW Journal do not use lines for journal explanations. Every Ine on a journal page is used for debitor credit entries. CNOW Journals will automatically indent a credit entry when a credit amount is entered Schedule of Division of Income WACS Partners Elyse O'Reilly Encounter Newspaper, LLC Total 2 Salary allowance 3 Interest allowance 4 Remaining income (4:33) 5 Net income D. on December 31, prepare the journal entry to close the revenues, expenses, and withdrawals to the individual member equity accounts. Refer to the chart of accounts the exact wording of the account titles. CNOW ournals do not use lines for journal expranations Every line on a journal page is used for debit or credit entries. CNOW Journals will automatically indent a credit entry when a credit amount is entered. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE POST. REF DEBIT CREDIT ASSETS LIBUTES EQUITY DESCRIPTION Closing Entries 2 3 . 10 11 c Prepare a statement of members' equity for 2072. A decrease to members' equity should be entered as a negative amount If an amount box does not require an entry, leave it blank Exploit Media, LLC Statement of Members' Equity For the Year Ended December 31, 2012 WACS Partners Elyse O'Reilly Encounter Newspaper, LLC Total 2 Balances. January 1, 2012 1 Capital additions Net income for the year Member withdrawals Balances, December 31, 2022 d. What are the advantages of an income-sharing agreement for the members of this LLC? Without an income-sharing agreement, each member be credited with an equal proportion of the total earnings, or one-third each. Separate contributions be acknowledged in the income-sharing formula