Required information Problem 12-3A Allocating partnership income LO P2 [The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $22,000, $38,000, and $46,000, respectively, in a partnership. During its first calendar year, the firm earned $384,300. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $384,300 net income under each of the following separate assumptions: Problem 12-3A Part 3 3. The partners agreed to share income and loss by providing annual salary allowances of $38,000 to Ries, $33,000 to Bax, and $45,000 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 $384,300 net income allowances of $38,000 to Ries, $33,000 to Bax, and $45,000 to Thomas; granting 10% interest on the partners' beginning capital investments; and sharing the remainder equally. Supporting Calculations Ries Bax Thomas Total Net income Salary allowances $ 38,000 $ 33,000 $ 45,000 116,000 Balance after salary allowances (116.000) Interest allowances Balance after interest and salaries 0 (116,000) Balance allocated equally Balance of income Shares of the partners 0 $ (116,000) S 38.000 $ 33,000 $ 45,000 Appropriation of profits General Journal > ! Required information Problem 12-3A Allocating partnership income LO P2 [The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $22,000, $38,000, and $46,000, respectively, in a partnership. During its first calendar year, the firm earned $384,300. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $384,300 net income under each of the following separate assumptions: Problem 12-3A Part 3 3. The partners agreed to share income and loss by providing annual salary allowances of $38,000 to Ries, $33,000 to Bax, and $45,000 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 Prepare the entry to close the firm's Income Summary account as of its December 31 year-end. Debit Credit 384,300 View transaction list View journal entry worksheet No Date General Journal 1 Dec 31 Income summary Ries, Capital Bax, Capital Thomas, Capital