[The following information applies to the questions displayed below.) Mo, Lu, and Barb formed the MLB Partnership by making investments of $77,400, $301,000, and $481,600, respectively. They predict annual partnership net income of $508,500 and are considering the following alternative plans of sharing income and loss: (a) equally. (6) in the ratio of their initial capital investments; or ( salary allowances of $84,400 to Mo, $63,300 to Lu, and $95,500 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 cand that net income is $508,500. Mo, Lu, and Barb withdraw $40,500, $54,500, and $70,500, respectively, at year-end. Also close the withdrawals accounts. View transaction list Journal entry worksheet Record the entry to close the partners' withdrawals accounts. (Mo, Lu, and Barb withdraw $40,500, $54,500, and $70,500, respectively, at year-end.) Note: Enter debits before credits. Date General Journal Debit Credit DALL Mo, Lu, and Barb formed the MLB Partnership by making investments of $77,400, $301,000, and $481600, respectively. They predict annual partnership net income of $508,500 and are considering the following alternative plans of sharing income and loss: (a) equally. (6) in the ratio of their initial capital investments; or ( salary allowances of $84.400 to Mo, $63,300 to Lu, and $95,500 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 cand that net income is $508,500. Mo, Lu, and Barb withdraw $40,500, $54,500, and $70,500, respectively, at year-end. Also close the withdrawals accounts. View transaction list Journal entry worksheet Record the entry to close the partners' withdrawals accounts. (Mo, Lu, and Barb withdraw $40,500, $54,500, and $70,500, respectively, at year-end.) Note: Enter debits before credits. General Journal Debit Credit Date Dec 31