Telowing information applies to the questions displayed below.] Ries, Bax, and Thomas invested $44,000, $60,000, and $68,000, respectively, in a partnership. During its first calendar year, the firm earned $420,000 Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $420,000 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. Appropriation 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 intermediate calculations. Round final answers to the nearest whole dollar.) View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 Dec 31 420.000 Income summary Ries, Capital Bax, Capital Thomas, Capital