[The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $48,000, $64,000, and $72,000, respectively, in a partnership. During its first calendar year, the firm earned $398,400. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $398,400 net income under each of the following separate assumptions. Problem 12-3A (Algo) Part 1 1. The partners did not agree on a plan, and therefore share income equally. View transaction list Journal entry worksheet 1 Record the entry to close the income summary account assuming the partners did not agree on a plan, and therefore share income equally. Note: Enter debits before credits. Date December 31 General Journal Debit Credit