LLC Net Income and Statement of Members' Equity 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 $345,000, $85,000, and $205,000, respectively. WACS Partners contributed an additional $90,000 to Exploit, Media, LLC, on June 1, 20Y2. Elyse O'Reilly received an annual salary allowance of $200,100 during 20Y2. The members equity accounts are also credited with 15% 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 $1,268,434, $678,434 and $590,000 respectively. Amounts equal to the salary and interest allowances were withdrawn by the members. Question Content Area a. Determine the division of income among the three members. If an amount box does not require an entry, leave it blank. blank Schedule of Division of Income WACS Partners Elyse O'Reilly Encounter Newspaper, LLC Total Salary allowance fill in the blank 83f64901003e064_1 $fill in the blank 83f64901003e064_2 200,100 fill in the blank 83f64901003e064_3 $fill in the blank 83f64901003e064_4 200,100 Interest allowance $fill in the blank 83f64901003e064_5 51,750 fill in the blank 83f64901003e064_6 12,750 $fill in the blank 83f64901003e064_7 30,750 fill in the blank 83f64901003e064_8 95,250 Remaining income (4:3:3) fill in the blank 83f64901003e064_9 fill in the blank 83f64901003e064_10 fill in the blank 83f64901003e064_11 fill in the blank 83f64901003e064_12 Net income $fill in the blank 83f64901003e064_13 $fill in the blank 83f64901003e064_14 $fill in the blank 83f64901003e064_15 $fill in the blank 83f64901003e064_16 Question Content Area 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) - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - (2) - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area c. Prepare a statement of members' equity for 20Y2. 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 Elyse O'Reilly Encounter Newspaper, LLC Total Balances, January 1, 20Y2 $fill in the blank 87bca705b05efe1_1 $fill in the blank 87bca705b05efe1_2 $fill in the blank 87bca705b05efe1_3 $fill in the blank 87bca705b05efe1_4 Capital additions fill in the blank 87bca705b05efe1_5 fill in the blank 87bca705b05efe1_6 fill in the blank 87bca705b05efe1_7 fill in the blank 87bca705b05efe1_8 Net income for the year fill in the blank 87bca705b05efe1_9 fill in the blank 87bca705b05efe1_10 fill in the blank 87bca705b05efe1_11 fill in the blank 87bca705b05efe1_12 Member withdrawals fill in the blank 87bca705b05efe1_13 fill in the blank 87bca705b05efe1_14 fill in the blank 87bca705b05efe1_15 fill in the blank 87bca705b05efe1_16 Balances, December 31, 20Y2 $fill in the blank 87bca705b05efe1_17 $fill in the blank 87bca705b05efe1_18 $fill in the blank 87bca705b05efe1_19 $fill in the blank 87bca705b05efe1_20 Question Content Area 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. Check My Work3 more Check My Work uses remaining. Previous