[The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $38,000, $54,000, and $62,000, respectively, in a partnership. During its first calendar year, the firm earned $332,700. Required: Prepare the entry to close the firms Income Summary account as of its December 31 year-end and to allocate the $332,700 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.

Allocate $332,700 net income in the ratio of their beginning capital investments. (Do not round intermediate calculations. Round final answers to the nearest whole dollar.)

Supporting Computations	Percentage of Total Equity		Income Summary	Allocated Income to Capital
Ries
Bax
Thomas			v