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 $70,200, $273,000, and $436,800, respectively. They predict annual partnership net income of $466,500 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 $81,200 to Mo, $60,900 to Lu, and $91,500 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 $466,500. Mo, Lu, and Barb withdraw $35,700, $49,700, and $65,700, respectively, at year-end. Also close the withdrawals accounts. View transaction list Journal entry worksheet