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, 20Y2, the three members had equity of 245,000, $60,000, and $145,000 respectively. WLKT Partners contributed an additional $60,000 to Marvel Media LLC on June 1, 20Y2. Madison Sanders received an annual salary allowance of $142,100 during 20Y2 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 4:3:3 among the three members. The revenues, expenses, and net income for Marvel Media, LLC, for 20Y2 were $648,965, $288,965 and $360,000 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 Amounts equal to the salary and interest allowances were withdrawn by the members.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 lary 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 blank. c. Prepare a statement of members' equity for 20Y2. If an amount box does not require an entry, leave it blank. Marvel Media, LLC Statement of Members' Equity For the Year Ended December 31, 20Y2 WLKT Partners Madison Sanders observer Newspaper, LLC Total Balances, January 1, 20Y2 Capital additions Net income for the year Member withdrawals Balances, December 31, 20Y2