Ries, Bax, and Thomas invested $48,000, $64,000, and $72,000, respectively, in a partnership. During its first...

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Ries, Bax, and Thomas invested $48,000, $64,000, and $72,000, respectively, in a partnership. During its first calendar year, the firm earned $398,400. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $398,400 net income under each of the following separate assumptions. Problem 12-3A (Algo) Part 2 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 $398,400 net income in the ratio of their beginning capital investments. Note: Do not round intermediate calculations. Round final answers to the nearest whole dollar. Supporting Computations Percentage of Total Equity Income Summary Allocated Income to Capital Ries Bax Thomas < Appropriation of profits General Journal > Ries, Bax, and Thomas invested $48,000, $64,000, and $72,000, respectively, in a partnership. During its first calendar year, the firm earned $398,400. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $398,400 net income under each of the following separate assumptions. Problem 12-3A (Algo) Part 2 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 $398,400 net income in the ratio of their beginning capital investments. Note: Do not round intermediate calculations. Round final answers to the nearest whole dollar. Supporting Computations Percentage of Total Equity Income Summary Allocated Income to Capital Ries Bax Thomas < Appropriation of profits General Journal >