Marvel Media, LLC, has three members: WLKT Partners, Madison Sanders, and Observer Newspaper, LLC. On January 1, 20Y2, the three members had equity of $300,000, $75,000, and $180,000, respectively. WLKT Partners contributed an additional $80,000 to Marvel, Media, LLC, on June 1, 20Y2. Madison Sanders received an annual salary allowance of $174,000 during 20Y2. The members equity accounts are also credited with 15% interest on each member's January 1 capital balance. Any remaining income is to be shared in the ratio of 4:3:3 among the three members. The revenues, expenses, and net income for Marvel Media, LLC, for 20Y2 were $596,667, $86,667 and $510,000 respectively. Amounts equal to the salary and interest allowances were withdrawn by the members.

a. Determine the division of income among the three members. If an amount box does not require an entry, leave it blank. Schedule of Division of Income Observer Newspaper, LLC WLKT Partners Madison Sanders $ 174,000 $ 45,000 11,250 Total 174,000 Salary allowance Interest allowance Remaining income (4:33) $ 27,000 83,250 Net income b. Prepare the journal entries to close the (1) net income and (2) withdrawals to the individual member equity accounts. For (1) Revenues Expenses WLKT Partners, Member Equity Madison Sanders, Member Equity Observer Newspaper, LLC, Member Equity (2) WLKT Partners, Member Equity Madison Sanders, Member Equity Observer Newspaper, LLC, Member Equity WLKT Partners, Drawing Madison Sanders, Drawing Observer Newspaper, LLC, Drawing C. Prepare a statement of members' equity for 20Y2. If an amount box does not require an entry, leave it blank. Marvel Media, LLC Statement of Members' Equity For the Year Ended December 31, 2012 WLKT Partners Madison Sanders Observer Newspaper, LLC Total Balances, January 1, 20Y2 $ Capital additions Net income for the year Member withdrawals Balances, December 31, 20Y2 $