Required information Skipped this q Problem 12-3A (Algo) Allocating partnership income LO P2 [The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $34,000, $50,000, and $58,000, respectively, in a partnership. Duri year, the firm earned $356,400. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to $356,400 net income under each of the following separate assumptions. Problem 12-3A (Algo) Part 2 2. The partners agreed to share income and loss in the ratio of their beginning capital investments. Complete this question by entering your answers in the tabs below. Appropriation of profits General Journal Allocate $356,400 net income in the ratio of their beginning capital investments. (Do not round intermediate calcul Round final answers to the nearest whole dollar.) Supporting Computations Ries Bax Thomas Percentage of Total Equity Income Summary Allocated Income to Capital < Prev 23 C