Kara Aries, Tammy Bax, and Joe Thomas invested 34,000, $50,000, and $58,000, respectively, in a partnership. During its first calendar year, the firm earned $366,900. Prepare the entry to close the firms indome summary account as of its December 31 year-end and to allocate the $366,900 net income to the partners under each of the following separate assumptions

3 Required information Problem 12-3A Allocating partnership income LO P2 The tollowing information applies to the questions displayed below) Part 1 of 3 first calendar year, the firm earned $366.900 Prepare the entry to close the firm's Income Summary account as of its December 31 yearend and to allocate the $366,900 net income to the partners under each of the folowing separate assumptions Problem 12-3A Part 1 Required: (1) The partners have no agreement on the method of sharing income and loss Journal entry worksheet Record the entry to close the income summary account assuming the partners have no agreement on the method of sharing income and loss Noter Enter debits before credits. Dec 31 Prev 3 3 45 of 12 Type here to search