Required information The following information appiles to the questions displayed below Kara Pies, Tammy Bax, and Joe Thomas invested $40,000, $56.000, and $64,000, respectively, in a partnership. During its first calendar year, the firm earned $398.400 00 26.00 Prepare the entry to close the firm's Income Summary account as of its December 31 yepr-end and to allacate the $398.400 net income to the partners under each of the following separate assumptions eBook (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 00% interest on the partners' beginning capital investments; and sharing the remainder equally. porting Calculations -l-Totali Ries Bax Thomas Net income Balary allowances Balance after salary allowances Interest alowances Balance after interest and salaries Balance allocated equally Balance of income Shares of the partners Required information View transaction list 00 2506 Journal entry worksheet eBook Record the entry to lose the ncome summary account assuming the partners have 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 nvestments and sharing the remainder equally Note: Enter debits before credti Date General Journal Dec 31 ecord edry Clear entry View general journal Byber and Atkins are partners in an accounting firm and shane net incone and loss equally Barber's beginning partnership caatal balance for the current year is $180.000, and Atkins b pamnership capt ol baliance for the current year is $to04,000 The partnership had net income af $396,000 far the year Barber wizhdrew $43,000 during the year and Atkins beginning withdrew $36.000 what is Barber's ending equity Mutiple Cholce $259.000 $336,000 533000 37 000 576 000