Required information Problem 12-3A Allocating partnership income LO P2 [The following information applies to the questions displayed below.] Kara Ries, Tammy Bax, and Joe Thomas invested $38,000, $54,000, and $62,000, respectively, in a partnership. During its first calendar year, the firm earned $396,900. Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $396,900 net income to the partners 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. Supporting Calculations Ries Bax Thomas Total Net income Salary allowances O Balance after salary allowances O Interest allowances O Balance after interest and salaries O Balance allocated equally O Balance of income O Shares of the partners O O O