! Required information Problem 12-3A (Algo) Allocating partnership income LO P2 [The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $42,000, $58,000, and $66,000, respectively, in a partnership. During its first calendar year, the firm earned $390,600. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $390,600 net income under each of the following separate assumptions. 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 Journal Allocate $390,600 net income in the ratio of their beginning capital investments. Note: Do not round intermediate calculations. Round final answers to the nearest whole dollar. Supporting Computations Ries Bax Thomas Percentage of Total Equity Income Summary Allocated Income to Capital Appropriation of profits General Journal > 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. Date December 31 General Journal Debit Credit View general journal Record entry Clear entry