! Required information 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 $399,600. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $399,600 net income under each of the following separate assumptions: 10 Problem 12-3A Part 1 1. The partners did not agree on a plan, and therefore share income equally. View transaction list m II-Chapters 118 120 Saved Required information Journal entry worksheet > Record the entry to close the income summary account assuming the partners did not agree on a plan, and therefore share income equally. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 View general journal Record entry Clear entry