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! Required information [The following information applies to the questions displayed below.) Ries, Bax, and Thomas invested $44,000, $60,000, and $68,000, respectively, in a partnership.
! Required information [The following information applies to the questions displayed below.) Ries, Bax, and Thomas invested $44,000, $60,000, and $68,000, respectively, in a partnership. During its first calendar year, the firm earned $384,000. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $384,000 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 Journal entry worksheet 1 > 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. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal
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