Required information [The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $40,000,$56,000, and $64,000, respectively, in a partnership. During its first calendar year, the firm earned $417,300. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $417,300 net income under each of the following separate assumptions. 1. The partners did not agree on a plan, and therefore share income equally