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Required Information Problem 12-4A (Algo) Partnership Income allocation, statement of partners' equity, and closing entrles LO P2 [The following information applles to the questions displayed

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Required Information Problem 12-4A (Algo) Partnership Income allocation, statement of partners' equity, and closing entrles LO P2 [The following information applles to the questions displayed below] Mo. Lu, and Barb formed the MLB Partnership by making investments of $84,600,$329,000, and $526,400, respectively. They predict annuai partnership net income of $550,500 and are considering the following aiternative plans of sharing income and loss: (a) equally; (b) in the ratio of their initial capital investments; or (c) salary allowances of $87,600 to Mo, $65.700 to Lu, and $99.500 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. 'roblem 12-4A (Algo) Part 3 Prepare the December 31 journal entry to close income Summary assuming they agree to use plan (c) and that net income is i550,500. Mo, Lu, and Barb withdraw $45,300,$59,300, and $75,300, respectively, at year-end. Also ciose the withdrawals accounts 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 $550,500. Note: Enter debits before credits. Required Information Problem 12-4A (Algo) Partnershlp Income allocatlon, statement of partners' equity, and closing entrles LO P2 [The following information applles to the questions displayed below] Mo, Lu, and Barb formed the MLB Partnership by making investments of $84,600,$329,000, and $526,400, respectively. They predict annual partnership net income of $550,500 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 $87,600 to Mo, $65,700 to Lu, and $99,500 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. roblem 12-4A (Algo) Part 3 . Prepare the December 31 journal entry to close income Summary assuming they agree to use plan (c) and that net income is 550,500 . Mo, Lu, and Barb withdraw $45,300,$59,300, and $75,300, respectively, at year-end. Also close the withdrawals accounts. Journal entry worksheet Record the entry f in close the partners' withdrawals accounts. (Mo, Lu, and Barb withdraw $45,300,$59,300, and $75,300, respectively, at year-end.) Notes Enter debits before credits

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