Required information [The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $52,000, $68,000, and $76,000, respectively, in a partnership. During its first calendar year, the firm earned $390,900. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $390,900 net income under each of the following separate assumptions. 2. The partners agreed to share income and loss in the ratio of their beginning capital investments. Complete this question by entering your answers in the tabs below. Appropriation of profits General Journal Allocate $390,900 net income in the ratio of their beginning capital investments. (Do not round intermediate calculations. Round final answers to the nearest whole dollar.) Supporting Computations Ries Bax Thomas Percentage of Total Equity x Income Summary Allocated Income to Capital Ries, Bax, and Thomas invested $52,000, $68,000, and $76,000, respectively, in a partnership. During its first calendar year, the firm earned $390,900. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $390,900 net income under each of the following separate assumptions. 2. The partners agreed to share income and loss in the ratio of their beginning capital investments. Complete this question by entering your answers in the tabs below. Appropriation of profits General Journal Prepare the entry to close the firm's Income Summary account as of its December 31 year-end. (Do not round intermediate calculations. Round final answers to the nearest whole dollar.) 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 in the ratio of their beginning capital investments. Ries, Bax, and Thomas ed $52,000, $68,000, and $76,000, respectively, in a partnership. During its first calendar year, the firm earned $390,900. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $390,900 net income under each of the following separate assumptions. 3. The partners agreed to share income and loss by providing annual salary allowances of $36,000 to Ries, $31,000 to Bax, and $43,000 to Thomas; granting 10% interest on the partners' beginning capital investments; and sharing the remainder equally. Complete this question by entering your answers in the tabs below. Appropriation of profits General Journal Allocate $390,900 net income by providing annual salary allowances of $36,000 to Ries, $31,000 to Bax, and $43,000 to Thomas; granting 10% interest on the partners' beginning capital investments; and sharing the remainder equally. Supporting Calculations Net income Salary allowances Balance after salary allowances Interest allowances Balance after interest and salaries Balance allocated equally Balance of income Ries Bax Thomas Total year, the firm earned $390,900. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $390,900 net income under each of the following separate assumptions. 3. The partners agreed to share in and loss by providing annual salary allowances of $36,000 to Ries, $31,000 to Bax, and $43,000 to Thomas; granting 10% interest on the partners' beginning capital investments; and sharing the remainder equally. Complete this question by entering your answers in the tabs below. Appropriation of profits General Journal Prepare the entry to close the firm's Income Summary account as of its December 31 year-end. 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 $36,000 to Ries, $31,000 to Bax, and $43,000 to Thomas; granting 10% interest on the partners' beginning capital investments; and sharing the sinda.nually. Note: Enter debits before credits.