10 Problem 12-3A Allocating partnership income LO P2 [The following information applies to the questions displayed below.] Part 1 of 3 Ries, Bax, and Thomas invested $42,000, $58,000, and $66,000, respectively, in a partnership. During its first calendar year, the firm earned $399,300. 0.66 points Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $399,300 net income under each of the following separate assumptions: Problem 12-3A Part 1 eBook 1. The partners did not agree on a plan, and therefore share income equally. Print View transaction list References Journal entry worksheet 1 > Record the entry to close the income summary account assuming the partners did not agree on a plan, and therefore share income equally. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Part 2 of 3 Problem 12-3A Allocating partnership income LO P2 [The following information applies to the questions displayed below.] 0.66 points Ries, Bax, and Thomas invested $42,000, $58,000, and $66,000, respectively, in a partnership. During its first calendar year, the firm earned $399,300. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $399,300 net income under each of the following separate assumptions: eBook Print Problem 12-3A Part 2 AD References 2. The partners agreed to share income and loss in the ratio of their beginning capital investments. (Do not round intermediate calculations. Round final answers to the nearest whole dollar.) Complete this question by entering your answers in the tabs below. Appropriation of profits General Journal Allocate $399,300 net income in the ratio of their beginning capital investments. (Do not round intermediate calculations. Round final answers to the nearest whole dollar.) Income Supporting Computations Ries Percentage of Total Equity Allocated Income to Capital Summary Bax Thomas x Appropriation of profits General Journal Prepare the entry to close the firm's Income Summary account as of its December 31 year-end. (Do not round intermediate calculations. Round final answers to the nearest whole dollar.) View transaction list Journal entry worksheet Record the entry to close the income summary account assuming the partners have agreed to share income and loss in the ratio of their beginning capital investments. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal [The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $42,000, $58,000, and $66,000, respectively, in a partnership. During its first calendar year, the firm earned $399,300. Part 3 of 3 .66 oints Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $399,300 net income under each of the following separate assumptions: Problem 12-3A Part 3 eBook 3. The partners agreed to share income and loss by providing annual salary allowances of $38,000 to Ries, $33,000 to Bax, and $45,000 to Thomas; granting 10% interest on the partners' beginning capital investments; and sharing the remainder equally. Print Complete this question by entering your answers in the tabs below. References Appropriation of profits General Journal Allocate $399,300 net income allowances of $38,000 to Ries, $33,000 to Bax, and $45,000 to Thomas; granting 10% interest on the partners' beginning capital investments, and sharing the remainder equally. Supporting Calculations Ries Bax Thomas Total Net income Salary allowances Balance after salary allowances Interest allowances Balance after interest and salaries Balance allocated equally Balance of income Shares of the partners Appropriation of profits General Journal Prepare the entry to close the firm's Income Summary account as of its December 31 year-end. View transaction list Journal entry worksheet