Dividing llc income martin farley and ashley clark formed a limited liability company with an operating agreement that provided a salary allowance of $66,000 and $53,000 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. schedule of division of net income farley clark total salary allowance $ 66,000 $ 53,000 $ 119,000 remaining income 17,400 11,600 29,000 net income $ 83,400 $ 64,600 $ 148,000 feedback a. set up a column for each partner and a total column. allocate salary allowances, then distribute the remaining income based on the income sharing agreement. b. provide journal entries to close the (1) revenues and expenses and (2) drawing accounts for the two members. for a compound transaction, if an amount box does not require an entry, leave it blank. (1) revenues expenses martin farley, member equity ashley clark, member equity (2) martin farley, member equity ashley clark, member equity martin farley, drawing ashley clark, drawing feedback b. close revenues and expenses to the member equity accounts. close the drawing accounts to the respective equity accounts. c. if the net income were less than the sum of the salary allowances, how would income be divided between the two members of the llc