Required information Problem 12-4A Partnership income allocation, statement of partners' equity, and closing entries LO P2 [The following information applies to the questions displayed below.) Mo. Lu, and Barb formed the MLB Partnership by making investments of $79,200, $308,000, and $492,800, respectively. They predict annual partnership net income of $519,000 and are considering the following alternative plans of sharing income and loss: (a) equally; (b) in the ratio of their initial capital investments, or (0 salary allowances of $85,200 to Mo, $63,900 to Lu, and $96.500 to Barb; Interest allowances of 10% on their initial capital idvestments; and the remaining balance shared as follows: 20% to Mo, 40% to Lu, and 40% to Barb. Problem 12-4A Part 3 3. Prepare the December 31 journal entry to close Income Summary assuming they agree to use plan cand that net income is $519.000. Mo, Lu, and Barb withdraw $41700, $55,700, and $71700, respectively, at year-end. Also close the withdrawals accounts. View transactions Journal entry worksheet 2 > Record the entry to close the income summary account assuming the partners agree to use plan cand net income is $519,000 Required information 3. Prepare the December 31 journal entry to close Income Summary assuming they agree to use plan cand that net income is $519,000. Mo, Lu, and Barb withdraw $41,700,$55,700, and $71,700, respectively, at year-end. Also close the withdrawals accounts. View transaction list Journal entry worksheet 1 2 Record the entry to close the income summary account assuming the partners agree to use plan cand net income is $519,000 Net Enter debits before credits Guneral Jurnal Credit Debit 519.000 sen Dec 31 Income Summary Two, Capital Lu, Cap art, Capital View general Journal