et Homework Help With Chegg x + takeAssignment/take Assignment Main.do?invoker assignments&takeAssignmentSessionLocator assignment-take&inprogress false eBook Calculator LLC Net Income and Statement of Members' Equity Intermedia, LLC, has three members: WYXT Partners, Lindsey Wilson, and Daily Sun Newspaper, LLC. On January 1, 2016, the three members had equity of $330,000, $85,000, and $200,000, respectively. WYXT Partners contributed an additional $80,000 to Intermedia, LLC, on June 1, 2016. Lindsey Wilson received an annual salary allowance of $191,400 during 2016. The members' equity accounts are also credited with 18% 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 Intermedia, LLC, for 2016 was $640,000. Amounts equal to the salary and interest allowances were withdrawn by the members. a. Determine the division of income among the three members. If an amount box does not require an entry, leave it blank. Schedule of Division of Income WYXT Partners Lindsey Wilson Daily Sun Newspaper, LLC Total Salary allowance Interest allowance Remaining income (4:33) Net income b. Prepare the journal entries to close the (1) net income and (2) withdrawals to the individual member equity accounts. For a compound entry, if an amount box does not require an entry, leave it blank. b. Prepare the journal entries to dose the (1) net income and (2) withdrawals to the individual member equity accounts. For a compound entry, if an amount box does not require an entry, leave it blank. IN ONNI Check My Work b. Close Income Summary to the member equity accounts. Close the drawing accounts to the respective equity accounts Leaming Objective 2. Learning Objective 5. C. Prepare a statement of members' equity for 2016. If an amount box does not require an entry, leave it blank Intermedia, LLC Statement of Members' Equity For the Year Ended December 31, 2016 WYXT Partners Lindsey Wilson Daily Sun Newspaper, LC C s Total Members' equity, January 1, 2016 Additional investment during the year Net income for the year Withdrawals during the year Members' equity, December 31, 2016