Marvel Media, LLC, has three members: WLKT Partners, Madison Sanders, and Observer Newspaper, LLC. On January 1, 20Y2, the three members had equity of $185,000, $45,000, and $110,000, respectively. WLKT Partners contributed an additional $50,000 to Marvel, Media, LLC, on June 1, 20Y2. Madison Sanders received an annual salary allowance of $107,300 during 20Y2. The members' equity accounts are also credited with 12% 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 $986,416, $716,416 and $270,000 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 Amounts equal to the salary and interest allowances were withdrawn by the members.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. Salary allowance Interest allowance Remaining income (4:3:3) Net income Schedule of Division of Income WLKT Partners Madison Sanders Observer Newspaper, LLC Total $ 107,300 $ 107,300 X x X X X X X X x X b. Prepare the journal entries to close the (1) net income and (2) withdrawals to the individual member equity accounts. For a compound entry, if an amount box does not require an entry, leave it blank. (1) Revenues Expenses WLKT Partners, Member Equity Madison Sanders, Member Equity Observer Newspaper, LLC, Member Equity X X (2) WLKT Partners, Member Equity Madison Sanders, Member Equity Observer Newspaper, LLC, Member Equity WLKT Partners, Drawing Madison Sanders, Drawing Observer Newspaper, LLC, Drawing x < < x X X X 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, 20Y2 Observer Newspaper, LLC Total 110,000 340,000 50,000 WLKT Partners Madison Sanders Balances, January 1, 20Y2 185,000 45,000 Capital additions 50,000 235,000 45,000 110,000 Net income for the year Member withdrawals Balances, December 31, 20Y2 390,000