Required information [The following information applies to the questions displayed below.) Ries, Bax, and Thomas invested $30,000, $46,000, and $54,000, respectively, in a partnership. During its first calendar year, the firm earned $325,800 Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $325,800 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 $325,800 net income in the ratio of their beginning capital investments. (Do not round Intermediate calculations. Round final answers to the nearest whole dollar) Percentage of Total Equity Supporting Computations Ries Income Summary Allocated Income to Capital Bax Thomas 3. The partners agreed to share income and loss by providing annual salary allowances of $31000 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 Complete this question by entering your answers in the tabs below. Appropriation General of profits Journal Allocate $325,800 net income by providing annual salary allowances of $31,000 to Ries, $26,000 to Bax, and $30,000 to Thomas; granting 10% Interest on the partners' beginning capital investments; and sharing the remainder equally. Supporting Calculations Ries Bax Thomas Total Net income Salary allowances Balance after salary allowances 0 Interest allowances 0 Balance after interest and salaries 0 Balance allocated equally 0 Balance of income $ 0 Shares of the partners $ 0 $ $ 0 0 0