12 Homework i Required information [The following information applies to the questions displayed below.) Kara Ries, Tammy Bax, and Joe Thomas invested $80,000. $112,000, and $128,000, respectively, in a partnership. During its first calendar year, the firm earned $249,000. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $249,000 net income to the partners under each of the following separate assumptions: (2) The partners agreed to share income and loss in the ratio of their beginning capital investments. (Do not round your intermediate calculations.) Supporting computations Kara Rios Tammy Bax Jom Thomas Percentage of total equity $80,000/$320,000 5112,000/$320,000 $128,000/$320,000 x income summary $ 249,000 $ 249,000 $ 249,000 Allocated income to capital $ 62.250 $ 87,150 $ 99.000 X here to search 5 Required information art 2 of 3 View transaction list ints Journal entry worksheet eBook Print References 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 Dec 31 Credit Record entry Clear entry View general journal e here to search