Marvel Medin, LLC, has three members: WLKT Partners, Madison Sanders, and Observer Newspaper, LLC. On January 1, 2012, the three members had equity of 5196,600,539,700, and 5168,000, respectively. W.KT Partners contributed an additional $53,300 to Marvel Media, LLC, on June 1, 20Y2. Modnion Sundera received an annual salary akowance of $56,100 during 2012. The members' equity accounts are also credited with 20% interest on each members January 1 cuptal balance. Any roraining income in to be shared in the ratio of 4:33 among the three member members. The revenues, expontos, and net income for Marvel Media, LLC for 2072 were $1.200,100, 454,900 and 5388,200 respectively, Amourts equal to the salary and interest allowances were withdrawn by the members Required: A Determine the division of income among the three members Prepare the journal entries to close the income and window to the intender equity or to the Chair of Account for exact wording of accounts C Prepare a statement of members cully for 2012 D. What are the advantages of an income-sharing agreement for the members of the LLC Observer WUKT Partners Total Madison Sanders Newspaper, LLC $56,100.00 $56,100.00 2 Salary allowance $39,320.00 7,820.00 $33.200.00 3 Interest allowance 80,340.00 100,706.00 75,52800 75.528.00 251,760.00 Remaining income (4:33) 5140,02600 5139.448.00 $108,728.00 5. Net Income 5388,200.00 JOURNAL ALSETS CHIDI LABILITIES EQUITY DENT DESCRIPTION POST RET DATE Closing Entries Dec 31 10 10 Ponts Total WUKT Partners Madison Sanders Observer Newspaper, uc 2 Balances, January 1, 2012 3 Capital additions Net income for the year 7 Member withdrawals Bilances, December 31, 20Y2 D. What are the advantages of an income-sharing agreement for the members of this LLC? Without an income-sharing agreement, each member credited with an equal proportion of the total earnings, or one-third each. Separate contributions acknowledged in the income-sharing formula