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Required information Problem 12-3A (Algo) Allocating partnership income LO P2 ...

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Accounting

Required information
Problem 12-3A (Algo) Allocating partnership income LO P2
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[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 firms 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.
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