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 $42,000, $58.000, and $66,000, respectively, in a partnership. During its first calendar year, the firm earned $392,700. Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $392,700 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 $37,000 to Ries, $32,000 to Bax, and $44,000 to Thomas; granting 10% interest on the partners' beginning capital investments, and sharing the remainder equally Ries Bax Thomas Total $ 37,000 $ 32,000 $ 44.000 113,000 (113,000) 16,600 Supporting Calculations Net Income Salary allowances Balance after salary allowances Interest allowances Balance after interest and salaries Balance allocated equally Balance of income Shares of the partners 4,200 5,800 6,600 87.700 87,700 87,700 (129,600) 263.100 $ (392,700) $ 128,900 $ 125,500 $ 138,300 Journal entry worksheet 1 > Record the entry to close the income summary account assuming the partners have agreed to share income and loss by providing annual salary allowances of $37,000 to Ries, $32,000 to Bax, and $44,000 to Thomas; granting 10% interest on the partners' beginning capital investments, and sharing the remainder equally. Note: Enter debits before credits Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal