Required information (The following information applies to the questions displayed below) Kara Ries, Tommy Bax, and Joe Thomas invested $36.,000, $52000 and $60,000, respectively, in a partnership. During its first calendar year, the firm earned $342,000. Prepare the entry to close the firm's Income Summary account as of ts December 31 year-end and to allocate $342000 net income to the partners under each of the following separate assumptions: (3) The partners agreed to share income and loss by providing annual salery al g 10% interest on the partners, beginning capital investments, and sharing the remainder equally homas 342,000 Net in Salary allowances 342.000 S 342000 une toilowing intormation applies to the questions aisplayed below $52,000, and $60,000, respectively, in a During Prepare the entry to close the firm's Income Summary account as of its December 31 year end and to allocate $342.000 net income to the partners under each of the following separate assumptions: (3) The partners agreed to share income and loss by providing annual salary allowances of $32,000 to Ries, $27000 $39,000 to Thomas: granting 10% interest on the partners' beginning capital investments, and sharing the remainder equally. to Bax, and 342,000 Balance after salary a t allowances 342.000 S 342.000 Shares of the partners