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Required information

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Ries, Bax, and Thomas invested $$32,000,$$$48,000,$ and $$56,000,$ respectively, in a partnership. During its

first calendar year, the firm earned $$411,000.$

Required:

Prepare the entry to close the firm's Income Summary account as of its December $31$ year$-$end and to

allocate the $$411,000$ net income under each of the following separate assumptions.

The partners did not agree on a plan, and therefore share income equally.

Journal entry worksheet

Record the entry to close the income summary account assuming the partners

did not agree on a plan, and therefore share income equally.

Note: Enter debits before credits.