Required information [The following information applies to the questions displayed below.] Mo, Lu, and Barb formed the MLB Partnership by making investments of $76,500,$297,500, and $476,000, respectively. They predict annual partnership net income of $502,500 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 $84,000 to Mo, $63,000 to Lu, and $95,000 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. 3. Prepare the December 31 journal entry to close Income Summary assuming they agree to use plan (c) and that net income is $502,500. Mo, Lu, and Barb withdraw $40,000, $54,000, and $70,000, respectively, at year-end. Also close the withdrawals accounts. Journal entry worksheet 2 Record the entry to close the income summary account assuming the partners agree to use plan c and net income is $502,500. Note: Enter debits before credits. Journal entry worksheet Record the entry to close the partners' withdrawals accounts. (Mo, Lu, and Barb withdraw $40,000,$54,000, and $70,000, respectively, at year-end.) Note: Enter debits before credits