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 $58,000, $74,000, and $82,000, respectively, in a partnership. During its first calendar year, the firm earned $398,100. Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $398,100 net income to the partners under each of the following separate assumptions: Problem 12-3A Part 1 Required: (1) The partners have no agreement on the method of sharing income and loss. View transaction list Journal entry worksheet Record the entry to close the income summary account assuming the partners have no agreement on the method of sharing income and loss. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 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.) Income Percentage of Total Equity Allocated Income to Capital Summary Supporting Computations Kara Ries Tammy Bax Joe Thomas