Lopez and Gomez are members in an LLC that reports net income of $$150,000.$ An agreement states that Lopez receives a $$22,000$ salary allowance and Gomez receives a $$52,000$ salary allowance. Any remaining income or loss is to be shared by Lopez and Gomez in a $4$:$1$ ratio $($in percents: Lopez, $80\%$; Gomez, $20\%).$

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 accounts are "Lopez, Member Equity" and "Gomez, Member Equity".

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Determine each member's share of net income.

$\backslash$table$[[$Allocation of each member's Income$],[,$Lopez,Gomez,Total$],[$Net income$],[$Salary allowances,$$,22,000,$$$,52,000,74,000],[$Balance of income$],[$Balance allocated,,,,,$0],[$Balance of income,$