Mo$,$ Lu$,$ and Barb formed the MLB Partnership by making investments of $$67,500,$$$262,500,$ and $$420,000,$ respectively. They predict annual partnership net income of $$450,000$ and are considering the following alternative plans of sharing income and loss: $($a$)$ equally. $(b)$ in the ratio of their initial capital investments; or $($c$)$ salary allowances of $$80,000$ to Mo$,$ $$60,000$ to Lu$,$ and $$90,000$ to Barb: interest allowances of $10\%$ on their initial capital investments; and the remaining balance shared as follows: $20\%$ to $Mo,40\%$ to $Lr,$ and $40\%$ to Barb.

Required

Prepare a table with the following column headings. Use the table to show how to distribute net income of $$450,000$ for the calendar year under each of the alternative plans being considered.

$\backslash$table$[[\backslash$table$[[$Income $($Lo$5$s$)],[$Sharing Plan$]],$Calculations,Mo$,$Lu$,$Barb,Total$],[,,,,,]]$

Prepare a statement of partners' equity showing the allocation of income to the partners assuming they garee to use plan $c$; that income earned is $$209,000$; and that $Mo,$ Lu$,$ and Barb withdraw $$34,000,$$$48,000,$ and $$64,000,$ respectively, at yearend.

Check $(2)$ Barb, Ending Capital, $$449,600$

Prepare the December $31$ journal entry to close Income Summary assuming they agree to use plan $c$ and that net income is $$209,000.$ Also close the withdrawals accounts.