Kara Ries, Tammy Bax, and Joe Thomas invested $50,000, $66,000, and $74,000, respectively, in a partnership. During its first calendar year, the firm earned $334,800. Prepare the entry to close the firms Income Summary account as of its December 31 year-end and to allocate the $334,800 net income to the partners under each of the following separate assumptions: Required: (1) The partners have no agreement on the method of sharing income and loss. Record the entry to close the income summary account assuming the partners have no agreement on the method of sharing income and loss.