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Kara Ries, Tammy Bax, and Joe Thomas invested $50,000, $66,000, and $74,000, respectively, in a...

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Accounting

Kara Ries, Tammy Bax, and Joe Thomas invested $50,000, $66,000, and $74,000, respectively, in a partnership. During its first calendar year, the firm earned $334,800. Prepare the entry to close the firms Income Summary account as of its December 31 year-end and to allocate the $334,800 net income to the partners under each of the following separate assumptions: (2) The partners agreed to share income and loss in the ratio of their beginning capital investments. (Do not round intermediate calculations. Round final answers to the nearest whole dollar.)

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