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Problem 12-3A (Algo) Allocating partnership income LO P2 [The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $48,000, $64,000, and

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Problem 12-3A (Algo) Allocating partnership income LO P2

[The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $48,000, $64,000, and $72,000, respectively, in a partnership. During its first calendar year, the firm earned $396,000. Required: Prepare the entry to close the firms Income Summary account as of its December 31 year-end and to allocate the $396,000 net income under each of the following separate assumptions.

Acting pr 100 Pro 12:34 P Salary 107 page of w S P34 W ung 3 3 TRE P Musting pa Acting pr 100 Pro 12:34 P Salary 107 page of w S P34 W ung 3 3 TRE P Musting pa

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