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: 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 intermedie calculations. Round final answers to the nearest whole dollar.) Complete this question by entering your answers in the tabs below. Problem 12-3A Part 2 2. The partners agreed to share income and loss in the ratio of their beginning capital invest calculations. Round final answers to the nearest whole dollar.) of 3 Complete this question by entering your answers in the tabs below. 18:07 Appropriation General of profits Journal Allocate $399,600 net income in the ratio of their beginning capital investments. (Do not round Round final answers to the nearest whole dollar.) Percentage of Total Equity Income Summary Allocated Income to Capital Supporting Computations Ries Bax Thomas Appropriation of profits General Journal > CP Required information Journal entry worksheet 3