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. Required: 1. Use the table to show how to distribute net income of $466,500 for the calendar year under each of the alternative plans being considered. (Do not round intermediate calculations.) Income (Loss) Sharing Plan Mo Lu Plan () Net Income (loss) Balance allocated equally $ 155,500 Balance of income (loss) Barb Total $ 155,500 $ 155,000 $ 155,500 $ 155,500 Mo L $466,500 466,000 $ 500 $ 155,000 $466,000 Barb Shares to the partners Plan ( Net Income (loss) Balance alocated in proportion to initial investments $ 0 Balance of income (loss) Shares to the partners Plan (0) $ 0 $ Mo L Net income (loss) Salary allowances Balance of income (loss) Interest allowances Balance of income (loss) Balance allocated Balance of income (loss) Shares of the partners $ 0 Barb Total $466,500 o $466,500 0 $ O Total $466,500 0 O 0 S 0 $ $ $