Problem 12-3A Allocating partnership income LO P2 [The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $40,000, $56,000, and $64,000, respectively, in a partnership. During its first calendar year, the firm earned $361,800. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $361,800 net income under each of the following separate assumptions: