Lopez and Gomez are members in an LLC that reports net income of $130,000. An agreement states that Lopez receives a $20,000 salary allowance and Gomez receives a $50,000 salary allowance. Any remaining income or loss is to be shared by Lopez and Gomez in a 2:3 ratio (in percents: Lopez, 40%; Gomez, 60%)

Lopez and Gomez are members in an LLC that reports net income of $130,000. An agreement states that Lopez receives a $20,000 salary allowance and Gomez receives a $50,000 salary allowance. Any remaining income or loss is to be shared by Lopez and Gomez in a 2:3 ratio (in percents: Lopez, 40%; Gomez, 60\%). 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. Prepare the entry to record the closing of Income Summary. Hint: The business is a limited liability company (LLC), so equity ac are "Lopez, Member Equity" and "Gomez, Member Equity". Journal entry worksheet Note: Enter debits before credits