LL.C Net income and Statement of Members' Equity Exploit Media, LLC, has three members: WACS Partners, Elyse O'Reilly, and Encounter Newspaper, LC. On January 1, 20Y2, the three members had equity of $360,000,590,000, and $215,000, respectively. WACS Partners contributed an additional $90,000 to Explolt, Media, LLC, on June 1, 20Y2. Elyse O'Reilly recelved an annual salary allowance of 5208,800 during 20Y2. The members' equity accounts are also credited with 15% interest on each member's January 1 capital baiance. 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 $1,085,092, $476,092, and $510,000 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 Amounts equal to the salary and interest allowances were withdrawn by the members.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 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 blanki. (1) b. Prepare the fournal entries to close the (1) revenues, expenses, and (2) withdrawals to the individual member equity accounts. If an amount box does not requile an entry, leave it blank. c. Prepare a statement of members' equity for 20Y2. If an amount box dees not require an entry, leave it blank. C. Prepare a statement of members' equity for 20yz. If an amount box does not require an entry, leave it biank. d What are the advantages of an income-sharing agreement for the members of this flc? Whithout an Incoine -sharing agreemsne, each member be credited with af equal proportion of the totitl earnings, or Olvethlid each. Separate contributiona be acknowledged in the incomersharing formula