Required information [The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $42,000, $58,000, and $66,000, respectively, in a partnership. During its first calendar year, the firm earned $392,700. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $392,700 net income under each of the following separate assumptions. 3. The partners agreed to share income and loss by providing annual salary allowances of $37,000 to Ries, $32,000 to Bax, and $44,000 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 $392,700 net income by providing annual salary allowances of $37,000 to Ries, $32,000 to Bax, and $44,000 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 Balance after salary allowances Interest allowances Balance after interest and salaries Balance allocated equally 0 0 0 0 Balance of income $ 0 Shares of the partners $ 0 $ 0 0 Appropriation of profits General Journal >