Required information The following information applies to the questions displayed below! Ries, Bax, and Thomas invested $24,000, S40,000 and $48,000. respectively, in a partnership During its first calendar year, the firm eamed $376,500 Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $376,500 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 (Do not round Intermediate calculations. Round final answers to the nearest whole dollar) Complete this question by entering your answers in the tabs below. Appropriation General of drofits Journal Allocate $376,500 net income in the ratio of their beginning capital investments (Do not round intermediate calculations Round final answers to the nearest whole dollar) Allocated income to Capital Supporting Computations Rios Percentage of Total Equity Income Summary xis 376,500 $ 376 500 5 375.500 Thomas General Journal > 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) Complete this question by entering your answers in the tabs below. Appropriation General of profits Journal Prepare the entry to close the firm's Income Summary account as of its December 31 year-end. (Do not round Intermediate calculations Round final answers to the nearest whole dollar) View transaction list Journal entry worksheet 1 Record the entry 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 Debit Credit General Journal Date Dec 31 Nayt