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latoya bennings and lamar hodges formed a limited liability corporation llc with an 4238368

LaToya Bennings and Lamar Hodges formed a limited liability corporation (LLC) with an operating agreement that provided a salary allowance of $32,000 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.a. Determine the division of $106,000 net income for the year.b. Provide journal entries to close the (1) Income summary (2) Drawing accounts for the two members.View Solution:
LaToya Bennings and Lamar Hodges formed a limited liability corp

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