Required information [The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $48,000, $64,000, and $72,000, respectively, in a partnership. During its first calendar year, the firm earned $342,300. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $342,300 net income 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. Required Appropriation of profits General Joumal Allocate $342,300 net income 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 Net income Salary allowances Ries Bax Thomas Total 0 0 Balance after salary allowances Interest allowances Balance after interest and salaries Balance allocated equally 0 0 0 $ 0 Balance of income Shares of the partners $ 0 $ $ 0 General Journal > 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 $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 Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal