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Problem 12-3A Allocating partnership income LO P2 The following information applies to the questions displayed below Kara Ries, Tammy Bax, and Joe Thomas invested $42,000, $58,000, and $66,000, respectively, in a partnership. During its first calendar year, the firm earned $347,700. Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $347700 net income to the partners under each of the following separate assumptions: Problem 12-3A Part 1 Required (1) The partners have no agreement on the method of sharing income and loss. View transaction list Journal entry worksheet Record the entry to close the income summary account assuming the partners have no agreement on the method of sharing income and loss. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31