Media Properties, LLC, has three members: KXT Radio Partners, Rachel Sizemore, and Daily Sun Newspaper, LLC. On January 1, 2008, the three members had equity of $240,000, $40,000, and $160,000, respectively. KXT Radio Partners contributed an additional $50,000 to Media Properties, LLC, on June 1, 2008. Rachel Sizemore received an annual salary allowance of $139,800 during 2008. The members' equity accounts are also credited with 8% interest on each member's January 1 capital balance. Any remaining income is to be shared in the ratio of 4:3:3 among the three members. The net income for Media Properties, LLC, for 2008 was $570,000. The salary and interest allowances were distributed to the members.

a. Determine the division of income among the three members.

b. Prepare the journal entry to close the net income and withdrawals to the individual member equity accounts.

c. Prepare a statement of members' equity for 2008.