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 $74,700, $290,500, and $454,800, respectively, They predict annual partnership not income of $492,000 and are considering the following alternative plans of sharing income and loss: (a) equally. (b) in the ratio of their initial capital investments, or a 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 2 2. Prepare a statement of partners' equilty showing the allocation of income to the partners assuming they agree to uso plan that income earned is $492,000, and that Mo, Lu, and Barb Withdraw $38,800, $52,800, and $68,800, respectively, at your-ond. (Do not round Intermediate calculations. Enter all allowances as positive values. Enter losses as negative values.) MLD PARTNERSHIP Statement of Partners' Equity For Your Ended December 31 Mo Barb Total In partisipinment Net Income To come Tow 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 $74,700, $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; (b) in the ratio of their initial capital investments; or (asalary 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 3 3. Prepare the December 31 journal entry to close Income Summary assuming they agree to use plan cand that net income is $492,000. Mo, Lu, and Barb withdraw $38,800, $52,900, and $68,800, respectively, ot year-end. Also close the withdrawals accounts. View transaction llat Journal entry worksheet Record the entry to dose the income summary account assuming the partners agree to use plan c and net income is $492,000 Note Enter debts before credits General Journal Date Dec 31 Debit Credit Racord entry Clear entry View general Journal