Martin Farley and Ashley Clark formed a limited liability company with an operating agreement that provided a salary allowance of $40,000 and $30,000 to each member, respectively. In addition, the operating agreement specified an income-sharing ratio of 3:2. The two members withdrew amounts equal to their salary allowances. Revenues were $668,000 and expenses were $520,000, for a net income of $148,000.

a. Determine the division of $148,000 net income for the year. (ALREADY DONE JUST NEED HELP WITH PART B)

Schedule of Division of Net Income
	Farley	Clark	Total
Salary allowance	40,000	30,000	70,000
Remaining income	46,800	31,200	78,000
Net income	86,800	61,200	148,000

b. Provide journal entries to close the (1) revenues and expenses and (2) drawing accounts for the two members. If an amount box does not require an entry, leave it blank.

(1)	Revenues	668,000
	Expenses		520,000
	Martin Farley, Member Equity	?	?
	Ashley Clark, Member Equity	?	?
(2)	Martin Farley, Member Equity	?	?
	Ashley Clark, Member Equity	?	?
	Martin Farley, Drawing	?	?
	Ashley Clark, Drawing	?