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LLC Net Income and Statement of Members' Equity Explolt Media, LLC, has three members: WACS Partners, Elyse O'Reilly, and Encounter Newspaper, LLC. On January 1, 2012, the three members had equity of $275,000, $55,000, and $220,000, respectively. WACS Partners contributed an additional $69,000 to Exploit Media, LLC, on June 1, 2072. Elyse O'Reilly received an annual salary allowance of $76,000 during 2072. 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 4:33 among the three members. The revenues, expenses, and net income for Exploit Media, LLC, for 20Y2 were $1,730,000, $1,236,000, and $494,000, respectively. Amounts equal to the salary and interest allowances were withdrawn by the members. a. Determine the division of income among the three members. If an amount box does not require an entry, leave it blank. Schedule of Division of Income WACS Partners Elyse O'Reilly Encounter Newspaper, LLC Total 76.000 76,000 Salary allowance Interest allowance Remaining income (4:33) 27.500 8.500 22,000 35.000 Net income b. Prepare the journal entries to close the (1) revenues, expenses, and (2) withdrawals to the individual member equity accounts. If an amount box does not require an entry, leave it blank. b. Prepare the journal entries to close the (1) revenues, expenses, and (2) withdrawals to the individual member equity accounts. If an amount box does not require an entry, leave it blank (1) (2) LIIII IIIIII LIIII IIIIII c. Prepare a statement of members' equity for 2072. 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, 20Y2 WACS Partners Madison Nelson Encounter Newspaper, LLC Total Balances, January 1, 20Y2 Capital additions Net income for the year Member withdrawals Balances, December 31, 2012