Ries, Bax, and Thomas invested $56,000, $72,000, and $80,000, respectively, in a partnership. During its first calendar year, the firm earned $376,200. Required: Prepare the entry to close the firms Income Summary account as of its December 31 year-end and to allocate the $376,200 net income under each of the following separate assumptions.

1.

• Record the entry to close the income summary account assuming the partners did not agree on a plan, and therefore share income equally.

2.

3.

2 The partners agreed to share income and loss in the ratio of their beginning capital investments Complete this question by entering your answers in the tabs below. Lppropriation General of profits Jouma Allocate $376,200 net income in the ratio of their beginning capital investments. (Do not round intermediate calculations Round inal answers to the nearest whole dollar) Supporting Percentage of Total Income Allocated Income to Computation Equity Summary Capital Ros Bol Thomas Journal entry worksheet 1 > 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. General Journal Debit Credit Date December 31 Record entry Clear entry View general journal 3. The partners agreed to share income and loss by providing annual salary allowances of $34,000 to Ries. $29.000 to Box, and $41,000 to Thomas granting 10% interest on the partners' beginning capital investments, and sharing the remainder equally Complete this question by entering your answers in the tabs below. General of profits Journal Alocate $379,200 ruut income by providing mual dary allowance of $34,000 to R$29,000 to and 541,000 to Thomas granting 10% interest on the partners' beginning capital investments and sharing the remainder equally Supporting Calculation Thomas Total Natcom Salary Balance to say ances Westes Balance atest and sales Balance day Balance of income Share of the per 5 Journal entry worksheet 1 Record the entry to close the income summary account assuming the partners have agreed to share income and loss by providing annual salary allowances of $34,000 to Ries, $29,000 to Bax, and $41,000 to Thomas; granting 10% interest on the partners' beginning capital investments; and sharing the remainder mually Note: Enter debits before credits Date General Journal Debit Credit December 31 Record entry Clear entry View general journal