Required information The following information applies to the questions displayed below.) Ries, Bax, and Thomas invested $54,000 $70,000, and $78,000, respectively, in a partnership. During its first calendar year, the firm earned $402,300. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $402,300 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 Income summary Ries, Capital Bax, Capital Thomas, Capital Record entry Clear entry View general journal 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 General of profits Journal Allocate $402,300 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 Bax Thomas 3. The partners agreed to share income and loss by providing annual salary allowances of $37,000 to Ries, $32,000 to Bax, and $44,000 to Thomas; granting 10% interest on the partners' beginning capital investments; and sharing the remainder equally. Complete this question by entering your answers in the tabs below. Appropriation General of profits Journal Allocate $402,300 net income by providing annual salary allowances of $37,000 to Ries, $32,000 to Bax, and $44,000 to Thomas, granting 10% interest on the partners' beginning capital investments; and sharing the remainder equally. Supporting Calculations Ries Bax Thomas Total Net income Salary allowances Balance after salary allowances Interest allowances Balance after interest and salaries Balance allocated equally Balance of income Shares of the partners $ 0 0 0 0 0 $ 0 $ 0 $ 0