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 $280,000, $ 70,000, and $170,000, respectively. WLKT Partners contributed an additional $70,000 to Marvel, Media, LLC, on June 1, 2012 Madison Sanders received an annual salary allowance of $162,400 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 4:3:3 among the three members. The revenues, expenses, and net income for Marvel Media, LLC, for 20Y2 were $983,360, $503,360 and $480,000 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 Amounts equal to the salary and interest allowances were withdrawn by the members.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 Total WLKT Partners Madison Sanders Observer Newspaper, LLC Salary allowance Interest allowance 33,60 Remaining income (4:33) 102,0 x Net income 135.6 x 96,90 X Feedback 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. (1) Revenues Expenses WLKT Partners, Member Equity Madison Sanders, Member Equity Observer Newspaper, LLC, Member Equity (2) WLKT Partners, Member Equity Madison Sanders, Member Equity Observer Newspaper, LLC, Member Equity WLKT Partners, Drawing Madison Sanders, Drawing Observer Newspaper, LLC, Drawing Feedback c. Prepare a statement of members' equity for 2012. 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, 2012 280,0 70,00 $170,0 520.00 Capital additions 70,000 350.0 $70,00 590.00 Net income for the year 480.00 Member withdrawals Balances, December 31, 20Y2 452,0