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Required information [The following information applies to the questions displayed below.] Ries, Bax, and Thomas...

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Accounting

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Required information [The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $54,000,$70,000, and $78,000, respectively, in a partnership. During its first calendar year, the firm earned $413,100. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $413,100 net income under each of the following separate assumptions. 1. The partners did not agree on a plan, and therefore share income equally. Journal entry worksheet Record the entry to close the income summary account assuming the partners did not agree on a plan, and therefore share income equally. Note: Enter debits before credits

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