Required information [The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $54,000, $70,000, and $78,000, 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 $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.

Required information [The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $54,000,$70,000, and $78,000, 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 $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. Allocate $392,700 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. 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 Bex, and $43,000 to Thomas; granting 10% interest on the partners' beginning capital investments; and sharing the Note: Enter debits before credits