OBJ. 2,5 EX 12-8 LLC net income and statement of members' equity Marvel Media, LLC, has three members: WLKT Partners, Madison Sanders, and Observer Newspaper, LLC. On January 1, 2014, the three members had equity of $200,000, $40,000, and $160,000, respectively. WLKT Partners contributed an additional $50,000 to Marvel Media, LLC, on June 1, 2014. Madison Sanders received an annual salary allowance of $55,000 during 2014. The members' equity accounts are also credited with 10% 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 net income for Marvel Media, LLC, for 2014 was $360,000. Amounts equal to the salary and interest allowances were withdrawn by the members. a. Determine the division of income among the three members. b. Prepare the journal entry to close the net income and withdrawals to the individual member equity accounts. c. Prepare a statement of members' equity for 2014. d. What are the advantages of an income-sharing agreement for the members of this LLC? 44,000 OBJ. 3 EX 12-11 Admitting new partners who buy an interest and contribute assets The capital accounts of Aaron Garner and Ricardo Fernandez have balances of $180,000 and $120,000, respectively. Aisha Carpenter and Isabel Diaz are to be admitted to the partnership. Carpenter buys one-fifth of Garner's interest for $50,000 and one-fourth of Fernandez's interest for $32,000. Diaz contributes $90,000 cash to the partnership, for which she is to receive an ownership equity of $90,000. a. Journalize the entries to record the admission of (1) Carpenter and (2) Diaz. b. What are the capital balances of each partner after the admission of the new partners