No need to explain, please I beg just solve everything, would be greatly appreciated (thumbs up)!...

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No need to explain, please I beg just solve everything, would be greatly appreciated (thumbs up)! :)      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, Lu, and Barb formed the MLB Partnership by making investments of $80,100, $311,500, and $498,400, respectively They predict annual partnership net income of $523,500 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 $85,600 to Mo, $64,200 to Lu, and $97,000 to Barb; 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 Part 1 Required: 1. Use the table to show how to distribute net income of $523,500 for the calendar year under each of the alternative plans being considered. (Do not round intermediate calculations.) Income (Loss) Sharing Plan Mo Lu Barb Total 523,500 $ 523,500 $ 0 $ | $ 0 $ 0 $ Mo Lu Barb Total 523,500 | $ | $ 523,500 Plan (a) Net Income (loss) Balance allocated equally Balance of income (loss) Shares to the partners Plan (b) Net Income (loss) Balance allocated in proportion to initial investments Balance of income (loss) Shares to the partners Plan (c) Net income (loss) Salary allowances Balance of income (loss) Interest allowances Balance of income (loss) Balance allocated Balance of income (loss) Shares of the partners $ 0 Mo HHHHHHHH Lu Barb Total 523,500 | $ Problem 12-4A Part 2 2. Prepare a statement of partners' equity showing the allocation of income to the partners assuming they agree to use plan c, that income earned is $523,500, and that Mo, Lu, and Barb withdraw $42,400, $56,400, and $72,400, respectively, at year-end. (Do not round intermediate calculations. Enter all allowances as positive values. Enter losses as negative values.) MLB PARTNERSHIP Statement of Partners' Equity For Year Ended December 31 MO L U Barb Total Initial partnership investments Net income Total net income Total 0 0 0 $ 0 $ 0 $ 0 $ Problem 12-4A Part 3 3. Prepare the December 31 journal entry to close Income Summary assuming they agree to use plan cand that net income is $523,500. Mo, Lu, and Barb withdraw $42,400, $56,400, and $72,400, respectively, at year-end. Also close the withdrawals accounts. Record the entry to close the income summary account assuming the partners agree to use plan c and net income is $523,500. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Record the entry to close the partners' withdrawals accounts. (Mo, Lu, and Barb withdraw $42,400, $56,400, and $72,400, respectively, at year-end.) Note: Enter debits before credits. Date General Journal Debit Credit Dec 31

 · Answer

PlanA                    MO    LU    BARB    Total                      Net Income(loss)              $        523,500    Balance allocated equally(523500/3)        174,500    174500    174500               523,500    Balance of Income(loss)              (523500-523500=0)    Shares to the Partners  $ 174,500    $174500    $174500    $523500       Proportional investment    MO= 80100/890000=.09 LU= 311500/890000=.35 BARB=498400/890000=.56     PlanB  MO    LU    BARB    Total                      Net Income(loss)              $        523,500    Balance allocated in prop to initial inv  $     47,115    $   183,225    $   293,160    $        523,500    Balance of Income(loss)              (523500-523500=0)    Shares to the Partners  $     47,115    $   183,225    $   293,160    $        523,500        Plan C  MO    LU    BARB    Total    Net Income(loss)              $        523,500    Salary allowances  85,600    64,200    97,000    $        246,800    Balance of Income(loss)              (523500-246800)=$276,700    Interest allowances(@10% of capital inv)  8010    31150    49840    $          89,000    Balance of Income(loss)              (276700-89000)=$187,700    Balance allocated(20%,40%,40% of 187700 )Respectively  37,540    75080    75080    $        187,700    Balance of Income(loss)              0    Shares to the Partners  131,150    170,430    221,920    $        523,500    2.     MO LU Barb Total   Initial Partnership Investments $80,100 311,500 498,400 $890,000   Add: Net Income       Salary 85600 64200 97000    Interest 8010 31150 49840    Balance 37540 75080 75080    Total Net Income 131150 170430 221920 523500   Total $211,250 $481,930 $720,320 $1,413,500   Less:Withdrawls -42400 -56400 -72400 -171200   Capital at the end $168,850 $425,530 $647,920 $1,242,300    3. Journal entry for closing     DR. CR.   Income summary 523500    Mo, Capital  131150   Lu, Capital  170430   Barb, Capital  221920   (to record the closing of income to capital)          Dr.  Cr.    Mo, Drawings  42400      Cash    42400    (recording withdrawl of cash)                Mo, Capital  42400      Mo, Drawings    42400    (closing of drawings to capital)                Lu, Drawings  56400      Cash    56400    (recording withdrawl of cash)                Lu, Capital  56400      Lu, Drawings    56400    (closing of drawings to capital)                Barb, Drawings  72400      Cash    72400    (recording withdrawl of cash)                Barb, Capital  72400      Barb, Drawings    72400    (closing of drawings to capital)       .

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PlanA
	MO	LU	BARB	Total

Net Income(loss)				$ 523,500
Balance allocated equally(523500/3)	174,500	174500	174500	523,500
Balance of Income(loss)				(523500-523500=0)
Shares to the Partners	$ 174,500	$174500	$174500	$523500

PlanB	MO	LU	BARB	Total

Net Income(loss)				$ 523,500
Balance allocated in prop to initial inv	$ 47,115	$ 183,225	$ 293,160	$ 523,500
Balance of Income(loss)				(523500-523500=0)
Shares to the Partners	$ 47,115	$ 183,225	$ 293,160	$ 523,500

Plan C	MO	LU	BARB	Total
Net Income(loss)				$ 523,500
Salary allowances	85,600	64,200	97,000	$ 246,800
Balance of Income(loss)				(523500-246800)=$276,700
Interest allowances(@10% of capital inv)	8010	31150	49840	$ 89,000
Balance of Income(loss)				(276700-89000)=$187,700
Balance allocated(20%,40%,40% of 187700 )Respectively	37,540	75080	75080	$ 187,700
Balance of Income(loss)				0
Shares to the Partners	131,150	170,430	221,920	$ 523,500

	MO	LU	Barb	Total
Initial Partnership Investments	$80,100	311,500	498,400	$890,000
Add: Net Income
Salary	85600	64200	97000
Interest	8010	31150	49840
Balance	37540	75080	75080
Total Net Income	131150	170430	221920	523500
Total	$211,250	$481,930	$720,320	$1,413,500
Less:Withdrawls	-42400	-56400	-72400	-171200
Capital at the end	$168,850	$425,530	$647,920	$1,242,300

	DR.	CR.
Income summary	523500
Mo, Capital		131150
Lu, Capital		170430
Barb, Capital		221920
(to record the closing of income to capital)

	Dr.	Cr.
Mo, Drawings	42400
Cash		42400
(recording withdrawl of cash)

Mo, Capital	42400
Mo, Drawings		42400
(closing of drawings to capital)

Lu, Drawings	56400
Cash		56400
(recording withdrawl of cash)

Lu, Capital	56400
Lu, Drawings		56400
(closing of drawings to capital)

Barb, Drawings	72400
Cash		72400
(recording withdrawl of cash)

Barb, Capital	72400
Barb, Drawings		72400
(closing of drawings to capital)