5 ! 3 Check my work Part 1 of 3 1.42 points Required information [The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $48,000, $64,000, and $72,000, respectively, in a partnership. During its first calendar year, the firm earned $424,200. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $424,200 net income under each of the following separate assumptions. eBook Print 1. The partners did not agree on a plan, and therefore share income equally. References View transaction list 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 December 31 General Journal Debit Credit Record entry Clear entry View general journal