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Problem $12-3$A $($Algo$)$ Allocating partnership income LO P$2$

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Ries, Bax, and Thomas invested $$26,000,$ $$42,000,$ and $$50,000,$ respectively, in a partnership. During its first calendar year, the firm earned $$367,500.$

Required:

Prepare the entry to close the firm$$s Income Summary account as of its December $31$ year$-$end and to allocate the $$367,500$ net income under each of the following separate assumptions.