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Required information (The following information applies to the questions displayed below) Mo, Lu, and Barb...

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Required information (The following information applies to the questions displayed below) Mo, Lu, and Barb formed the MLB Partnership by making investments of $67,500, $262,500, and $420,000, respectively. They predict annual partnership net income of $450,000 and are considering the following alternative plans of sharing income and loss: (a) equally; (b) in the ratio of their initial capital investments, or ( salary allowances of $80,000 to Mo, $60,000 to Lu, and $90,000 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 $209,000. Mo, Lu, and Barb withdraw $34,000, $48,000, and $64,000, respectively, at year-end. Also close the withdrawals accounts. View transaction list Journal entry worksheet 2 > Record the entry to close the income summary account assuming the partners agree to use plan c and net income is $209,000. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Journal entry worksheet

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