problem 12 1a allocating partnership income l o p2 the following information appl 382637

Problem 12 1A Allocating partnership income L.O. P2 [The following information applies to the questions displayed below.] Kim Ries, Tere Bax, and Josh Thomas invested $40,000, $56,000, and $64,000, respectively, in a partnership. During its first calendar year, the firm earned $124,500. Prepare the entry to close the firms Income Summary account as of its December 31 year end and to allocate the $124,500 net income to the partners under each of the following separate assumptions: references The partners have no agreement on the method of sharing income and loss. (Omit the “$” sign in your response.) Date General Journal Debit Credit Dec. 31 income summary ………… 124,500 kim……………………………………..? tere………………………………………..? josh……………………………………….? Problem 12 1A Part 2 (2) The partners agreed to share income and loss in the ratio of their beginning capital investments. (Do not round intermediate calculations and round your final answers to nearest dollar amount. Omit the “$” sign in your response.) Date General Journal Debit Credit Dec. 31 income summary …………..124,500 kim…………………………………….? tere……………………………………..? josh……………………………………..?