Martin Farley and Ashley Clark formed a limited liability company with an operating agreement that provided a salary allowance of $40,000 and $30,000 to each member, respectively. In addition, the operating agreement specified an income-sharing ratio of 3.2 . The fwo members withdrew amounts equal to their salary aliowances. Revenues were $668,000 and expenses were $520,000, for a net income of $148,000. Note: The reduction in members' equity from withdrawals would be disclosed on the statement of members' equity. Required: a. Determine the division of $148,000 net income for the year b. On December 31, provide joumal enthes to close the (1) revenues and expenses and (2) drawng accounts for the two members, Reler to the chart of accounts for the exact wording of the account thies CNOW journals do not use ines for joumal explanations Every line on a journal page is used for debit or credit entres. CNOW journals will automaticaly indent a credit entry when a credit antount is entered c. If the net income was iess than the sum of the salary allowances, how would income be divided befween the two members of the LLC