5 Required information [The following information applies to the questions displayed below) Ries, Bax, and Thomas invested $30,000, $46,000, and $54,000, respectively, in a partnership. During its first calendar year, the firm earned $382,500. Part 3 of 3 14 points Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $382,500 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. Appropriation of profits General Journal Allocate $382,500 net income 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 M 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. Part 3 of 3 Appropriation of profits General Journal 14 points Allocate $382,500 net income 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. Ries Bax Thomas $ $ 37000 32,000 $ 44,000 Supporting Calculations Net income Salary allowances Balance after salary allowances Interest allowances Balance after interest and salaries Balance allocated equally Balance of income Total 382,500 113,000 269,500 0 269.500 0 269,500 $ $ 37,000 $ 32,000 $ Shares of the partners 44,000