Required Information The following Information apples to the questions displayed below] Mo Meek, Lu Ling, and Barb Beck formed the MLB Partnership by making capital contributions of $81,900, $318,500, and $509,600, respectively. They predict annual partnership net Income of $534,000 and are considering the following alternative plans of sharing Income and losS: (a) equally: (b) In the ratio of their Initial capltal Investments; or (c) salary allowances of $86,400 to Mo, $64,800 to Lu, and $98,000 to Barb; Interest allowances of 10% on their initial capltal Investments; and the balance shared as follows: 20 % to Mo, 40 % to Lu , and 40 % to Barb. 3. Prepare the December 31 Journal entry to close Income Summary assuming they agree to use plan (C) and that net Income is $534,000. Mo, Lu, and Barb withdraw $43,600, $57,600, and $73.600, respectively, at year-end. Also close the withdrawals accounts. View transaction ist Journal entry worksheet 1 2 Record the entry to close the income summary account assuming the partners agree to use plan(c) and net income is $534,000 Note: Enter debits before credits. General Journal Date Debit Credit Dec 31 Record entry Clear entry Vlew general Journal