Ries, Bax, and Thomas invested $52,000, $68,000, and $76,000, respectively, in a partnership. During its first calendar year, the firm earned $355,800. Required: Prepare the entry to close the firms Income Summary account as of its December 31 year-end and to allocate the $355,800 net income under each of the following separate assumptions:

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.) Complete this question by entering your answers in the tabs below. Appropriati... of profits General Journal Allocate $355,800 net income in the ratio of their beginning capital investments. (Do not round intermediate calculations. Round final answers to the nearest whole dollar.) x Supporting Computations Ries Percentage of Total Equity Income Summary Allocated Income to Capital Bax Thomas Complete this question by entering your answers in the tabs below. Appropriati... of profits General Journal Prepare the entry to close the firm's Income Summary account as of its December 31 year-end. (Do not round intermedia calculations. Round final answers to the nearest whole dollar.) 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