Ries, Bax, and Thomas invested $42,000, $58,000, and $66,000, respectively, in a partnership. During its first calendar year, the firm earned $337,200. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $337,200 net income under each of the following separate assumptions. he partners did not agree on a plan, and therefore share income equally. View transaction list 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.