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: Required: (1) The partners have no agreement on the method of sharing income and loss. View transaction list Journal entry worksheet 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. General Journal Debit Credit Date Dec 31 Record entry Clear entry View general Journal