Ries, Bax, and Thomas invested $24,000, $40,000, and $48,000, respectively, in a partnership. During its first calendar year, the firm earned $321,300.

Required:

Prepare the entry to close the firms Income Summary account as of its December 31 year-end and to allocate the $321,300 net income under each of the following separate assumptions. The partners did not agree on a plan, and therefore share income equally.