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Lopez and Gomez are members in an LLC that reponts net income of $136,000. An agreement states that Lopez receives a $20,600 salary allowance and

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Lopez and Gomez are members in an LLC that reponts net income of $136,000. An agreement states that Lopez receives a $20,600 salary allowance and Gomez recelves a $50,600 salary allowance. Any remaining income or loss is to be shared by Lopez and Gomez in a 1:4 ratio (in percents: Lopez, 20\%; Gomez, 80\%). 1. Determine each member's share of net income. 2. Prepare the entry to record the closing of income Summary. Hint: The business is a limited liability company (LLC), so equity accounts are "Lopez, Member Equity" and "Gomez, Member Equity". Complete this question by entering your answers in the tabs below. Determine each member's share of net income. Journal entry worksheet Notez Enter debits before credits

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