Exploit Media, LLC, has three members: WACS Partners, Elyse O'Reilly, and Encounter Newspaper, LLC. On January 1, 20Y2, the three members had equity of \$205,400, \$37,700, and $175,900, respectively. WACS Partners contributed an additional $47.400 to Exploit Media, LLC, on June 1, 20Y2. Elyse O'Reilly received an annual salary allowance of $54,500 during 20Y2. The members' equity accounts are also credited with 20% 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 $1,230,000,891,400 and $338,600 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 Amounts equal to the salary and interest allowances were withdrawn by the members.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 equity accounts. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. 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. c. Prepare a statement of members' equity for 20Y2. A decrease to members' equity should be entered as a negative amount. If an amount box does not require an entry, leave it blank. d. What are the advantages of an income-sharing agreement for the members of this LLC? CHART OF ACCOUNTS Exploit Media, LLC General Ledger ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 113 Allowance for Doubtful Accounts 114 Interest Receivable 115 Notes Receivable 116 Inventory 117 Office Supplies 118 Store Supplies 119 Prepaid Insurance 120 Land 123 Equipment 124 Accumulated Depreciation-Equipment 129 Asset Revaluations REVENUE 610 Revenues EXPENSES 510 Expenses 520 Salaries Expense 521 Advertising Expense 522 Depreciation Expense-Equipment 523 Delivery Expense 524 Repairs Expense 529 Selling Expenses 531 Rent Expense 533 Insurance Expense 534 Office Supplies Expense 535 Store Supplies Expense 123 Equipment 533 Insurance Expense 124 Accumulated Depreciation-Equipment 534 Office Supplies Expense 129 Asset Revaluations 535 Store Supplies Expense 133 Patent 536 Credit Card Expense 537 Cash Short and Over LIABILITIES 538 Bad Debt Expense 210 Accounts Payable 539 Miscellaneous Expense 211 Salaries Payable 710 Interest Expense 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Elyse O'Reilly, Member Equity 311 Elyse O'Reilly, Drawing 312 Encounter Newspaper, LLC, Member Equity 313 Encounter Newspaper, LLC, Drawing 314 WACS Partners, Member Equity 315 WACS Partners, Drawing a. Determine the division of income among the three members. If an amount box does not require an entry, leave it blank. 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 for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. 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. c. Prepare a statement of members' equity for 20Y2. A decrease to members' equity should be entered as a negative amount. If an amount box does.not require an entry, leave it blank Ouestion not attemnted 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