Question: c. Journalize the closing journal entry for the member withdrawals of salary and interest. If an amount box does not require an entry, leave

c. Journalize the closing journal entry for the member withdrawals of salary and interest. If an amount box does not require an entry, leave it blank. (2) d. Prepare a statement of members' equity for 2012. If an amount box does not require an entry, leave it blank. For amounts that should be subtracted, enter the amount with a minus sign. Interactive Media, LLC Statement of Members' Equity For the Year Ended December 31, 20Y2 Line Item Description Balances, January 1, 2012 Investment by member Net income for the year Member withdrawals Balances, December 31, 20Y2 VC Partners Colin Campella Active Graphics, LLC Total e What are the advantages of an income-sharing agreement for the members of this LLC? Without an income-sharing agreement, each member be credited with an equal proportion of the total earnings, or one-third each. Separate contributions be acknowledged in the income-sharing formula.

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