! Required information [The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $56,000, $72,000, and $80,000, respectively, in a partnership. During its first calendar year, the firm earned $405,000. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $405,000 net income under each of the following separate assumptions. 1. The partners did not agree on a plan, and therefore share income equally. View transaction list View journal entry worksheet No Date General Journal 1 December 31 Income summary Ries, Capital Bax, Capital Thomas, Capital Debit Credit 405,000