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 $424,200. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $424,200 net income under each of the following separate assumptions. 3. The partners agreed to share income and loss by providing annual salary allowances of $40,000 to Ries, $35,000 to Bax, and $47,000 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. Allocate $424,200 net income by providing annual salary allowances of $40,000 to Ries, $35,000 to Bax, and $47,000 to Thomas; granting 10% interest on the partners' beginning capital investments; and sharing the remainder equally