Ries, Bax, and Thomas invested $44,000, $60,000, and $68,000, respectively, in a partnership. During its first calendar year, the firm earned $392,100. Required: Prepare the entry to close the firms Income Summary account as of its December 31 year-end and to allocate the $392,100 net income under each of the following separate assumptions.

1. The partners did not agree on a plan, and therefore share income equally.