! Required information 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 $32,000, $48,000, and $56,000, respectively, in a partnership. During its first calendar year, the firm earned $330,000. Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $330,000 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.) Percentage of Income Allocated Income Supporting Computations Total Equity Summary to Capital Kara Ries X Tammy Bax X Joe Thomas View transaction list Journal entry worksheet 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 General Journal Debit Credit Dec 31 Record entry Clear entry View general journal