LC Net Income and Statement of Members Equity Marvel Media, LLC, has three members: WLKT Partners, Madison Sanders, and Observer Newspaper, LLC. On January 1, 2012, the three members had equity of $325,000, 580,000 and $195,000, respectively. WUKT Partners contributed an additional $80,000 to Marvel, Media, LLC, on June 1, 2042. Madison Sanders received an annual salary allowance of $188,500 during 2012. The members' equity accounts are also credited with 12% 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 Marvel Media, LLC, for 2012 were $1,280,918, 5800.918 and 5480,000 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 Amounts equal to the salary and interest allowances were withdrawn by the members.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 WLKT Partners Madison Sanders Observer Newspaper, LLC Total Salary allowance Interest allowance Remaining Income (4:33) Net Income Set up a column for each mermer and to come. Allocate alary allowances, then distribute the remaining income based on the income sharing agreement b. Prepare the journal entries to close the (1) net income and (2) withdrawals to the individual member equity accounts for a compound entry, fan amount box does not require an entry, leave it blank