3 points Required information The following information applies to the questions displayed below) Poes, Bax and Thomas invested $26,000, $42.000, and $50,000, respectively, in a partnership During its first calendar year, the firm eamed $378,000 Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $378,000 net income under each of the following separate assumptions 3. The partners agreed to share income and loss by providing annual salary allowances of $37,000 to Ries, $32,000 to Bax, and $44,000 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. 4 Answer is not complete. Complete this question by entering your answers in the tabs below. Appropriation General of profits Journal Allocate $378,000 net income allowances of $37,000 to Ries, $32,000 to Bax, and $44,000 to Thomas: granting 10% interest on the parten' beginning capital investments, and sharing the remainder equally Supporting Calculations Ries Bax Thomas Total Net income $ 378,000 Salary lowances $ 37,000 32.000 44,000 113.000 Balancer way Wowances 265.000 troerostalowances 2.000 4.200 5.000 11.100 Balance for interest and salaries 253,200 wance ed equally 0.400 89 400 Balance of income S 183.000 Shares of the parts 129.000 S 30.200 13,000 General Journal > Appropriation of profits General Journal Prepare the entry to close the firm's Income Summary account as of its December 31 year-end Date General Journal Debit 1 Dec 31 No Transaction Recorded NO Credit Aspropriation of profits Der In