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

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Accounting

Required information
Problem 12-3A (Algo) Allocating partnership income LO P2
[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 firm's 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.
Problem 12-3A (Algo) Part 2
The partners agreed to share income and loss in the ratio of their beginning capital investments.
Complete this question by entering your answers in the tabs below.
Appropriation
of profits
General
Journal
Allocate $367,500 net income in the ratio of their beginning capital investments.
Note: Do not round intermediate calculations. Round final answers to the nearest whole dollar.
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