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[The following information applies to the questions displayed below) Mo. Lu, and Barb formed the MLB Partnership by making investments of $72,000, $280,000, and $448,000, respectively. They predict annual partnership net income of $477,000 and are considering the following alternative plans of sharing income and loss: (a) equally: (b) in the ratio of their initial capital investments; or (d) salary allowances of $82,000 to Mo, $61,500 to Lu, and $92.500 to Barb: interest allowances of 10% on their initial capital Investments, and the remaining balance shared as follows 20% to Mo, 40% to Lu, and 40% to Barbs, 2. Prepare a statement of partners equity showing the allocation of income to the partners assuming they agree to use plan (cthat Income earned is $477,000, and that Mo Lu and Barb withdraw $36,900 $50,900, and $66,900, respectively, at year-end. (Do not round intermediate calculations. Enter all allowances as positive values. Enter losses as negative values.) MLB PARTNERSHIP Statement of Partners' Equity For Year Ended December 31 MO Lu Barb Total 2. Prepare a statement of partners' equity showing the allocation of income to the partners assuming they agree to use plan (c), Income earned is $477,000, and that Mo, Lu, and Barb withdraw $36,900.$50,900, and $66,900, respectively, at year-end. (Don round intermediate calculations. Enter all allowances as positive values. Enter losses as negative values.) MLB PARTNERSHIP Statement of Partners' Equity For Year Ended December 31 Lu 72,000 280.000 Bart 448.000 Total 800,000 82,000 7,200 61.500 28.000 92,500 44.800 Initial partnership investments Not incomo Salary allowances Interest allowances Balance allocated Total not income Total Loss partners withdrawals TEndina capital balances 89.200 161.200 89,500 369,500 137.300 585,300 316,000 1,116,000 0 1.110,000 $ 161.2005 360,500 5 585,300 $ Required information [The following information applies to the questions displayed below) Mo, Lu, and Barb formed the MLB Partnership by making investments of $72,000, $280,000, and $448,000. respectively. They predict annual partnership net income of $477,000 and are considering the following alternative plans of sharing income and loss: (a) equally; (b) in the ratio of their initial capital investments, or ( salary allowances of $82,000 to Mo, $61.500 to Lu, and $92,500 to Barb, interest allowances of 10% on their initial capital Investments, and the remaining balance shared as follows: 20% to Mo, 40% to Lu, and 40% to Barb 3. Prepare the December 31 journal entry to close Income Summary assuming they agree to use plan (c) and that net income is $477000 Mo. Lu, and Barb withdraw $36,900, 550,900, and $66.900, respectively, at year-end. Also close the withdrawals accounts Vuw transaction lit Journal entry worksheet 92 Aime Journal entry worksheet 1 2 Record the entry to close the income summary account assuming the partners agree to use plan c and net income is $477,000. Note: Enter debits before credits. General Journal Debit Credit Date December 31 Journal entry worksheet Record the entry to close the partners' withdrawals accounts. (Mo, Lu, and Barb withdraw $36,900, $50,900, and $66,900, respectively, at year-end.) Note: Enter debits before credits. Debit Credit General Journal Date December 31