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Required information Problem 12-4A Partnership income allocation, statement of partners' equity, and closing entries LO P2 (The following information applies to the questions displayed below.) Mo Meek, Lu Ling, and Barb Beck formed the MLB Partnership by making capital contributions of $73,800, $287,000, and $459,200, respectively. They predict annual partnership net income of $487,500 and are considering the following alternative plans of sharing income and loss: (a) equally; (b) in the ratio of their initial capital investments; or (c) salary allowances of $82,800 to Mo, $62,100 to Lu, and $93,500 to Barb; interest allowances of 10% on their initial capital investments, and the balance shared as follows: 20% to Mo, 40% to Lu, and 40% to Barb. Problem 12-4A Part 3 3. Prepare the December 31 journal entry to close Income Summary assuming they agree to use plan (c) and that net income is $487,500. Mo, Lu, and Barb withdraw $38,100, $52,100, and $68,100, respectively, at year-end. Also close the withdrawals accounts. Journal entry worksheet Record the entry to close the income summary account assuming the partners agree to use plan(c) and net income is $487,500. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal Journal entry worksheet Record the entry to close the partners' withdrawals accounts. (Mo, Lu, and Barb withdraw $38,100, $52,100, and $68,100, respectively, at year-end.) Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal