Martin Farley and Ashley Clark formed a limited liability company with an operating agreement that provided a salary allowance of $64,000 and $51,000 to each member, respectively. In addition, the operating agreement specified an income-sharing ratio of 3:5. The two members withdrew amounts equal to their salary allowances. Revenues were $668,000 and expenses were $520,000, for a net income of $148,000. a. Determine the division of $148,000 net income for the year. Schedule of Division of Net Income Salary allowance Farley 64,000 Clark $1,000 Total 115,000 Remaining income 16,500 X 16,500 X 33,000 Net income 80,500 X 67,500 X 141,000 Ow My Work a. Set up a column for each partner and a total column. Allocate salary allowances, then distribute the remaining income based on the income sharing agreement b. Provide journal entries to close the (1) revenues and expenses and (2) drawing accounts for the two members. For a compound transaction, if an amount box does not require an entry, leave it blank. (1) Revenues Expenses Martin Farley, Member Equity 520,000 500X Ashley Clark, Member Equity 61300 X