Required information [The following information applies to the questions displayed below] Mo, Lu, and Barb formed the MLB Partnership by making investments of $84,600, $329,000, and $526,400, respectively. They predict annual partnership net income of $550,500 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 $87,600 to Mo, $65,700 to Lu, and $99,500 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 close Income Summary assuming they agree to use plan (c) and that net income is $550,500. Mo, Lu, and Barb withdraw $45,300, $59,300, and $75,300, respectively, at year-end. Also close the withdrawals accounts. View transaction list Journal entry worksheet 1 Record the entry to close the Income summary account assuming the partners agree to use plan c and net income is $550,500, Note: Enter debits before credits. Debit Credit Date General Journal December 31 Income summary Mo, Capital Lu, Capital Barb, Capital es Journal entry worksheet