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Kara Ries, Tammy Bax, and Joe Thomas invested $52,000, $68,000, and $76,000, respectively, in a partnership. During its first calendar year, the firm earned $354,600. Prepare the entry to close the firms Income Summary account as of its December 31 year-end and to allocate the $354,600 net income to the partners under each of the following separate assumptions:

Required: (1) The partners have no agreement on the method of sharing income and loss.

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.)

(3) The partners agreed to share income and loss by providing annual salary allowances of $32,000 to Ries, $27,000 to Bax, and $39,000 to Thomas; granting 10% interest on the partners beginning capital investments; and sharing the remainder equally.

View transaction list Journal entry worksheet Record the entry to close the income summary account assuming the partners have no agreement on the method of sharing income and loss. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal Supporting ComputationsTotal Equity Kara Ries Tammy Bax Joe Thomas Percentage of x Income Allocated Income Summary to Capital View transaction list Journal entry worksheet 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. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal 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 S 0 S View transaction list Journal entry worksheet Record the entry to close the income summary account assuming the partners have agreed to share income and loss by providing annual salary allowances of $32,000 to Ries, $27,000 to Bax, and $39,000 to Thomas; granting 10% interest on the partners' beginning capital investments: and sharing the Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal