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Kara Ries, Tammy Bax, and Joe Thomas invested $26,000, $42,000, and $50,000, respectively, in a...

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Accounting

Kara Ries, Tammy Bax, and Joe Thomas invested $26,000, $42,000, and $50,000, respectively, in a partnership. During its first calendar year, the firm earned $359,700. Prepare the entry to close the firms Income Summary account as of its December 31 year-end and to allocate the $359,700 net income to the partners under each of the following separate assumptions: record the entry to close the income summary account assuming the partners have no agreement on the method of sharing income and lose.

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