27.

Ries, Bax, and Thomas invested $42,000,$58,000, and $66,000, respectively, in a partnership. During its first calendar year, the firm earned $372,900 Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $372,900 net income under each of the following separate assumptions. The partners agreed to share income and loss by providing annual salary allowances of $35,000 to Ries, $30,000 to Bax, and 42,000 to Thomas; granting 10% interest on the partners' beginning capital investments; and sharing the remainder equally. Complete this question by entering your answers in the tabs below. Allocate $372,900 net Income by provlding annual salary allowances of $35,000 to Rles, $30,000 to Bax, and $42,000 to Thomas; granting 10% interest on the partners' beginning capital investments; and sharing the remainder equally. Record the entry to close the income summary account assuming the partners have agreed to share income and loss by providing annual salary allowances of $35,000 to Ries, $30,000 to Bax, and $42,000 to Thomas; granting 10% interest on the partners' beginning capital investments; and sharing the remainder equally. Note: Enter debits before credits