Mo, Lu, and Barb formed the MLB Partnership by making investments of $69,300, $269,500, and $431,200, respectively. They predict annual partnership net income of $460,500 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 $80,800 to Mo, $60,600 to Lu, and $91,000 to Barb; interest allowances of 10% on their initial capital investments; and the remaining balance shared as follows: 20% to Mo, 40% to Lu, and 40% to Barb.

3. Prepare the December 31 journal entry to close Income Summary assuming they agree to use plan c and that net income is $460,500. Mo, Lu, and Barb withdraw $35,200, $49,200, and $65,200, respectively, at year-end. Also close the withdrawals accounts.

Please answer in this format!

Journal entry worksheet 2 Record the entry to close the income summary account assuming the partners agree to use plan c and net income is $460,500. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31