Kara Ries, Tammy Bax, and Joe Thomas invested $50,000, $66,000, and $74,000, respectively, in a partnership. During its first calendar year, the firm earned $334,800. Prepare the entry to close the firms Income Summary account as of its December 31 year-end and to allocate the $334,800 net income to the partners under each of the following separate assumptions: (3) The partners agreed to share income and loss by providing annual salary allowances of $30,000 to Ries, $25,000 to Bax, and $37,000 to Thomas; granting 10% interest on the partners beginning capital investments; and sharing the remainder equally.