Ries, Bax, and Thomas invested $$54,000,$$$70,000,$ and $$78,000,$ respectively, in a partnership. During its first calendar year, the firm earned $$385,200.$

Required:

Prepare the entry to close the firm's Income Summary account as of its December $31$ year$-$end and to allocate the $$385,200$ net income under each of the following separate assumptions.

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

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.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$December $31,,,]]$