Required information [The following information applies to the questions displayed below. Ries, Bax, and Thomas invested $50,000, $66,000, and $74,000, respectively, in a partnership. During its first calendar year, the firm earned $409,500. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $409,500 net income under each of the following separate assumptions. 1. The partners did not agree on a plan, and therefore share income equally. 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. General Journal Debit Credit Date December 31 Record entry Clear entry View general Journal Required information [The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $50,000, $66,000, and $74,000, respectively, in a partnership. During its first calendar year, the firm earned $409,500. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $409,500 net income under each of the following separate assumptions. 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 $409,500 net income in the ratio of their beginning capital investments. (Do not round intermediate calculations. Round final answers to the nearest whole dollar.) Supporting Percentage of Total Income Allocated Income to Computations Equity Summary Capital Ries X Bax Thomas X Journal entry worksheet 1 > Record the entry to close the income summary account assuming the partners have agreed to share income and loss in the ratio of their beginning capital investments. Note: Enter debits before credits. General Journal Debit Credit Date December 31 Record entry Clear entry View general Journal