Please be a specific as possible with answer.

Instructions Marvel Media, LLC, has three members: WLKT Partners, Madison Sanders, and Observer Newspaper, LLC. On January 1, 20Y2, the three members had equity of $217,500, $40,300, and $167.700. respectively. WLKT Partners contributed an additional 553,800 to Marvel Media, LLC, on June 1, 20Y2. Madison Sanders received an annual salary allowance of $56,900 during 2042. 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. members. The revenues, expenses, and net income for Marvel Media, LLC, for 2012 were $1,235,800, 886,700 and $349,100 respectively. Amounts equal to the salary and interest allowances were withdrawn by the members. Required: A. Determine the division of income among the three members. B. Prepare the journal entries to close the net income and withdrawals to the individual member equity accounts. Refer to the Chart of Accounts for exact wording of account nites. 0. Prepare a statement of members' equity for 2012 D. What are the advantages of an income-sharing agreement for the members of this LLC? hart of Accounts CHART OF ACCOUNTS Marvel Media, LLC General Ledger ASSETS REVENUE 110 Cash 610 Revenues 111 Petty Cash 112 Accounts Receivable EXPENSES 113 Allowance for Doubtful Accounts 510 Expenses 520 Salaries Expense 114 Interest Receivable 115 Notes Receivable 116 Inventory 117 Office Supplies 118 Store Supplies 521 Advertising Expense 522 Depreciation Expense-Equipment 523 Delivery Expense 524 Repairs Expense 529 Selling Expenses 531 Rent Expense 119 Prepaid Insurance 120 Land 120 Land 123 Equipment 124 Accumulated Depreciation-Equipment 531 Rent Expense 533 Insurance Expense 534 Office Supplies Expense 535 Store Supplies Expense 536 Credit Card Expense 129 Asset Revaluations 133 Patent 537 Cash Short and Over LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 538 Bad Debt Expense 539 Miscellaneous Expense 710 Interest Expense Score: 26/58 Schedule of Division of Income WLKT Partners Madison Sanders Observer Newspaper, LLC Total $56.900.00 4,030,00 $56,900,00 42,550.00 12 Salary allowance 3 Interest allowance 4 Remaining income (4:33) $21,750,00 $16,770.00 3 Net income Journal B. Prepare the journal entries to close the net income and withdrawals to the individual member equity accounts. Refer to the Chair of Accounts for exact wording of account ones Question not attempted. PAGE 10 JOURNAL Score: 0/135 ACCOUNTING EQUATION DERIT CREDIT POST. REX ASSETS LABILITIES EQUITY DATE DESCRIPTION Closing Entries 1 3 . Check My Work All work saved. C. Prepare a statement of members equity for 2012 Question not attempted. Score: 0/106 Marvel Media, LLC Statement of Members' Equity For the Year Ended December 31, 2012 Observer Total WIKT Partners Madison Sanders Newspaper, LLC 2 Balances, January 1, 2012 5 Capital additions 4 5 Net income for the year 6 7 Member withdrawals Balances, December 31, 2012