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 574,700, $290,500, and $464,800, respectively, They predict annual partnership net income of $492,000 and are considering the following alternative plans of sharing Income and loss: (a) equally() in the ratio of their initial capital investments, or salary allowances of $83,200 to Mo, $62,400 to Lu, and $94,000 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 Problem 12-4A Part 1 Total $ 492.000 Tot 492.000 $ Required: 1. Use the table to show how to distribute net income of $492,000 for the calendar year under each of the alternative plans being considered. (Do not round intermediate calculations.) Income.on) Bharing Plan Plan Mo Bart Net Income (los) Balance wlocated equally Balance of income (101) Shares to the partners Plan () Mo Net Income (0) Balance sted in proportion to stilinvestments Balance of income (1) Share to the partners Planta Mo LU Bar Not Income) Salary allowances Balance of income (s) interest allowances Balance of income (oss) Balance allocated Balance of income doss) Shares of the partners Total 400.000