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Required information Problem 12-3A (Algo) Allocating partnership income LO P2 [The following informution applies to the questions displayed below] Ries, Bax, and Thomas invested $50,000,$66,000, and $74,000, respectively. in a partnership. During its first calendar year, the firm earned $344,100 Required: Prepare the entry to close the firm's lncome Summary account as of iss December 31 year-end and to allocate tho $344100 net income under each of the following separato assumptions. Problem 12-3A (Algo) Part 2 2. The partiers apreed to share income and loss in the ratio of their beginaing capital investments: Complete this question by entering your answers in the tabs below. Alocote $340,100 net income in the ratis of thoir begirning capital investments. (Do not round intermediabe calculobichs Hound finel enswers to the nearest whole doilar? 2. The parthers agreed to share income and loss in the ratio of their beginning capital investments. Complete this question by entering your answers in the tabs below. Allocate $344,100 net income in the ratio of their beginning capital investments. (Do not round intermedlate calculations. Round final answers to the nearest whole dollar.) Prepare the entry to close the firm's Income Summary account as of its December 31 year-end, (Do not round intermedate calcutatiens. Pound final ancwers to the nearest whole doliari) Journal entry worksheet Reccord the entry to close the income summary account assuming the partners have agreed to share income and loss in the ratio of their beginining copital investments. Noces Enter debis behtre eredits