LLC 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 $310,000, 580,000, and $185.000, respectively. WLKT Partners contributed an additional $80,000 to Marvel, Media, LLC, on June 1, 2012. Madison Sanders received an annual salary alowance of $179,800 during 2012. 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 4:33 among the three members. The revenues, expenses, and net income for Marvel Media, LLC, for 2012 were $1,072,929, $542,929 and $530,000 respectively. Amounts equal to the salary and interest allowances were withdrawn by the members. a. Determine the division of income among the three members. W 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 (4:3:3) Net Income b. Prepare the journal entries to close the (1) net income and (2) withdrawals to the individual member equity accounts. For a compound entry, if an amount box does not require an entry, leave it ark (1) 123 Previous Next