[The following information applies to the questions as Ries, Bax, and Thomas invested $48,000, $64,000, and $72,000, respectively, in a partnership. During its first calendar year, the firm earned $395,700. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $395,700 net income under each of the following separate assumptions. 1. The partners did not agree on a plan, and therefore share income equally, View transaction list Journal entry worksheet Ries, Bax, and Thomas invested $48,000, $64,000, and $72,000, respectively, in a partnership. During its first calendar year, the firm earned $395,700. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $395,700 net income under each of the following separate assumptions. . 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. Appropriation General of profits Journal Prepare the entry to close the firm's Income Summary account as of its December 31 year-end. (Do not round Intermediate calc 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