Llne tollowing intormation applies to the questions alspiayea below.J

Ries, Bax, and Thomas invested $$48,000,$$$64,000,$ and $$72,000,$ respectively, in a partnership. During its first calendar year, the firm earned $$369,900.$

Required:

Prepare the entry to close the firm's Income Summary account as of its December $31$ year$-$end and to allocate the $$369,900$ net income under each of the following separate assumptions.

Problem $12-3$A $($Algo$)$ Part $2$

$2.$ The partners 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.

Appropriation

of profits

General

Allocate $$369,900$ net income in the ratio of their beginning capital investments. Note: Do not round intermedlate calculations. Round final answers to the nearest whole dollar

$\backslash$table$[[\backslash$table$[[$Supporting$],[$Computations$]],\backslash$table$[[$Percentage of Total$],[$Equity$]],,\backslash$table$[[$Income$],[$Summary$]],\backslash$table$[[$Allocated Income to$],[$Capital$]]],[$Ries$,,,,],[$Bax$,,,,],[$Thomas$,,,,]]$

Agpropriation of profits

General Journal

Chapter $12$

Required information

Journal entry worksheet

$1$

Record the entry to close the income summary account assuming the partners have agreed to share income and loss in the ratio of their beginning capital investments.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[\backslash$table$[[$December$],[31]],,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$

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