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Required information [The following information applies to the questions displayed below.] Kara Ries, Tammy Bax, and Joe Thomas invested $42,000, $58,000, and $66,000, respectively, in

Required information

[The following information applies to the questions displayed below.]

Kara Ries, Tammy Bax, and Joe Thomas invested $42,000, $58,000, and $66,000, respectively, in a partnership. During its first calendar year, the firm earned $381,300. Prepare the entry to close the firms Income Summary account as of its December 31 year-end and to allocate the $381,300 net income to the partners under each of the following separate assumptions:

(2) The partners agreed to share income and loss in the ratio of their beginning capital investments. (Do not round intermediate calculations. Round final answers to the nearest whole dollar.)

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