! Required information (The following information applies to the questions displayed below.) Mo Meek, Lu Ling, and Barb Beck formed the MLB Partnership by making capital contributions of $68,400, $266,000, and $425,600, respectively. They predict annual partnership net income of $456,000 and are considering the following alternative plans of sharing income and loss: (a) equally: (b) in the ratio of their initial capital investments, or (c) salary allowances of $80,400 to Mo, $60,300 to Lu, and $90,500 to Barb; interest allowances of 10% on their initial capital 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 $210,700. Also close the withdrawals accounts ces View transaction list 3 Required information The following information applies to the questions displayed below] Mo Meek, Lu Ling, and Barb Beck formed the MLB Partnership by making capital contributions of $68,400, $266,000, and $425,600, respectively. They predict annual partnership net income of $456,000 and are considering the following alternative plans of sharing income and loss: (a) equally, (b) in the ratio of their initial capital investments; or (c) salary allowances of $80,400 to Mo, $60,300 to Lu, and $90,500 to Barb; interest allowances of 10% on their initial capital 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 $210.700. Also close the withdrawals accounts. inces View transaction list