Required information [The following information applies to the questions displayed below.] Mo, Lu, and Barb formed the MLB Partnership by making investments of $82,800, $322,000, and $515,200, respectively. They predict annual partnership net income of $540,000 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 $86,800 to Mo, $65,100 to Lu, and $98,500 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 closincome Summary assuming they agree to use plan (c) and that net income is $540,000. Mo, Lu, and Barb withdraw $44,100, $58,100, and $74,100, respectively, at year-end. Also close the withdrawals accounts. View transaction list 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 $540,000. Note: Enter debits before credits. Date General Journal. Debit Credit December 31 Der Su www 41-4