Required information [The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $52,000, $68,000, and $76,000, respectively, in a partnership. During its first calendar year, the firm earned $364,800. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $364,800 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 flat 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. Date December 31 General Journal Debit Credit