Problem 12-3A Allocating partnership income LO P2

[The following information applies to the questions displayed below.]

Kara Ries, Tammy Bax, and Joe Thomas invested $42,000, $58,000, and $66,000, respectively, in a partnership. During its first calendar year, the firm earned $347,700. Prepare the entry to close the firms Income Summary account as of its December 31 year-end and to allocate the $347,700 net income to the partners under each of the following separate assumptions:

Problem 12-3A Part 2

(2) The partners agreed to share income and loss in the ratio of their beginning capital investments. (Do not round intermediate calculations. Round final answers to the nearest whole dollar.)

Supporting ComputationsTotal Equity Kara Ries Tammy Bax Joe Thomas Percentage of x Allocated Income Summary to Capital