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I need help answering these two questions. Thank you! PROBLEMt12-2t(paget524tintFundamentaltAccountingtPrinciples,t22ted.) KaratRies,tTammytBax,tandtJoetThomastinvestedt$80,000,t$112,000,tandt$128,000,trespectively, intatpartnership.tDuringtitstfirsttcalendartyear,tthetfirmtearnedt$249,000. Required: Preparetthetentryttotclosetthetfirm'stIncometSummarytaccounttastoftitstDecembert31tyear-end andttotallocatetthet$249,000tnettincomettotthetpartnerstunderteachtoftthetfollowingtseparate assumptions: 1. Thetpartnersthavetnotagreementtontthetmethodtoftsharingtincometandtloss. 2. Thetpartnerstagreedttotsharetincometandtlosstintthetratiotofttheirtbeginningtcapital investments. 3. Thetpartnerstagreedttotsharetincometandtlosstbytprovidingtannualtsalarytallowancestof $66,000ttotRies,t$56,000ttotBax,tandt$80,000ttotThomas;tgrantingt10%tinteresttontthe partners'tbeginningtcapitaltinvestments;tandtsharingtthetremaindertequally.
I need help answering these two questions. Thank you!
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