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Mo Meek, Lu Ling, and Barb Beck formed the MLB Partnership by making capital contributions of $69,300, $269,500, and $431,200, respectively. They predict annual partnership net income of $460,500 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 $80,800 to M0, $60,600 to Lu, and $91,000 to Barb; interest allowances of 10% on their initial capital investments; and the balance shared as follows: 20% to M0, 40% to Lu, and 40% to Barb. 2. Prepare a statement of partners' equity showing the allocation of income to the partners assuming they agree to use plan (c), that income earned is $212,400, and that Mo, Lu, and Barb withdraw $35,200, $49,200, and $65,200, respectively, at year-end. (Do not round intermediate calculations. Enter all allowances as positive values. Enter losses as negative values.) Initial partnership investments 0 Net income MLB PARTNERSHIP Statement of Partners' Equity For Year Ended December 31 Mo Lu Initial partnership investments Barb Total Net income 0 Total net income Total 0 0 0 0 0 0 0 $ 0 $ 0 $ 03. Prepare the December 31journa| entry to close Income Summary assuming they agree to use plan (c) and that net income is $212,400. Also close the withdrawals accounts. View transaction list Journal entry worksheet Record the entry to close the income summary account assuming the partners agree to use plan(c) and net income is $212,400. Note: Enter debits before credits