Kara Ries, Tammy Bax, and Joe Thomas invested $26,000, $42,000, and $50,000, respectively, in a partnership. During its first calendar year, the firm earned $359,700. Prepare the entry to close the firms Income Summary account as of its December 31 year-end and to allocate the $359,700 net income to the partners 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.