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 $44,000, $60,000, and $68,000, respectively, in a partnership. During its first calendar year, the firm earned $411,900. Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $411,900 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