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Problem $12-3$A $($Algo$)$ Allocating partnership income LO P$2$

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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 $12-3$A $($Algo$)$ Part $2$

The partners agreed to share income and loss in the ratio of their beginning capital investments.

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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.