$[$The following information applies to the questions displayed below.$]$

Ries, Bax, and Thomas invested $$26,000,$$$42,000,$ and $$50,000,$ respectively, in a partnership $.$ During its first calendar

year, the firm earned $$367,500.$

Required:

Prepare the entry to close the firm's Income Summary account as of its December $31$ year$-$end and to allocate the

$$367,500$ net income under each of the following separate assumptions.

Problem $12-3$A $($Algo$)$ Part $2$

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.

Appropriation

of profits

Prepare the entry to close the firm's Income Summary account as of its December $31$ year$-$end.

Note: Do not round intermediate calculations. Round final answers to the nearest whole dollar.