Required information Problem 12-4A (Static) Partnership income allocation, statement of partners' equity, and closing entries LO P2 [The following information applies to the questions displayed below) Mo, Lu, and Barb formed the MLB Partnership by making investments of $67,500, $262,500, and $420,000, respectively. They predict annual partnership net income of $450,000 and are considering the following alternative plans of sharing Income and loss: (a) equally; (b) in the ratio of their initial capital investments; or ( salary allowances of $80,000 to Mo, $60,000 to Lu, and $90,000 to Barbs interest allowances of 10% on their initial capital Investments, and the remaining balance shared as follows: 20% to Mo, 40% to Lu, and 40% to Barb. Problem 12-4A (Static) Part 3 3. Prepare the December 31 journal entry to close Income Summary assuming they agree to use plan cand that net income is $209,000. Mo, Lu, and Barb withdraw $34,000, $48,000, and $64,000, 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 $209,000. Note: Enter debits before credits. General Journal Debit Credit Date December 31