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 $344100 Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $344100 net income under each of the following separate assumptions: 3. The partners agreed to share income and loss by providing annual salary allowances of $33,000 to Ries. $28,000 to Bax, and $40,000 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 $344,100 net income allowances of $33,000 to Ries, $28,000 to Bax, and $40,000 to Thomas: granting 10% interest on the partners' beginning capital investments; and sharing the remainder equally Supporting Calculations Ries Thomas Total Net income Salary allowances Balance after salary allowances Interest allowances Balance after interest and sales 5 Required information Prepare the entry to close the firm's Income Summary account as of its December 31 year-end. oints View transaction list eBook Print Journal entry worksheet