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 $22,000, $38,000, and $46,000, respectively, in a partnership. During its first calendar year, the firm earned $346,500 Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $346,500 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. ( 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. Date Debit Credit Dec 31 346,500 General Journal Income summary Kara Ries, Capital Tammy Bax, Capital Joe Thomas, Capital Record entry Clear entry View general journal 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 Total Equity Income Summary Allocated Income to Capital Supporting Computations Kara Ries Tammy Bax Joe Thomas X X (3) The partners agreed to share income and loss by providing annual salary allowances of $34,000 to Ries, $29,000 to Bax, and $41,000 to Thomas; granting 10% interest on the partners' beginning capital investments; and sharing the remainder equally. Ries Bax Thomas Total Supporting Calculations Net Income Salary allowances Balance after salary allowances Interest allowances 0 0 0 Balance after interest and salaries 0 0 Balance alocated equally Balance of income Shares of the partners $ 0 $ os $ 0 View transaction list Journal entry worksheet 1 Record the entry to close the income summary account assuming the partners have agreed to share income and loss by providing annual salary allowances of $34,000 to Ries, $29,000 to Bax, and $41,000 to Thomas; granting 10% interest on the partners' beginning capital investments; and sharing the remainder caually Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general Journal