Mo Meek, Lu Ling, and Barb Beck formed the MLB Partnership by making capital contributions of $72,900, $283,500, and $453,600, respectively. They predict annual partnership net income of $481,500 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 $82,400 to Mo, $61,800 to Lu, and $93,000 to Barb; interest allowances of 10% on their initial capital investments; and the 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 $481,500. Mo, Lu, and Barb withdraw $37,600, $51,600, and $67,600, respectively, at year-end. Also close the withdrawals accounts. a.Record the entry to close the income summary account assuming the partners agree to use plan(c) and net income is $481,500. b.Record the entry to close the partners' withdrawals accounts. (Mo, Lu, and Barb withdraw $37,600, $51,600, and $67,600, respectively, at year-end.)