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Kara Ries, Tammy Bax, and Joe Thomas invested $56,000, $72,000, and $80,000, respectively, in a partnership. During its first calendar year, the firm earned $351,900. Prepare the entry to close the firms Income Summary account as of its December 31 year-end and to allocate the $351,900 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 $31,000 to Ries, $26,000 to Bax, and $38,000 to Thomas; granting 10% interest on the partners beginning capital investments; and sharing the remainder equally.

Supporting Calculations	Ries	Bax	Thomas	Total
Net income				$351,900
Salary allowances	$31,000	$26,000	$38,000	95,000
Balance after salary allowances				256,900
Interest allowances				0
Balance after interest and salaries				256,900
Balance allocated equally				0
Balance of income				$256,900
Shares of the partners	$31,000	$26,000	$38,000