Required information Problem 12-2A Allocating partnership income LO P2 Skip to question [The following information applies to the questions displayed below.] Kara Ries, Tammy Bax, and Joe Thomas invested $36,000, $52,000, and $60,000, respectively, in a partnership. During its first calendar year, the firm earned $377,700. Prepare the entry to close the firms Income Summary account as of its December 31 year-end and to allocate the $377,700 net income to the partners under each of the following separate assumptions: Problem 12-2A Part 3 (3) The partners agreed to share income and loss by providing annual salary allowances of $36,000 to Ries, $31,000 to Bax, and $43,000 to Thomas; granting 10% interest on the partners beginning capital investments, and sharing the remainder equally.