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Kara Ries, Tammy Bax, and Joe Thomas invested $42,000, $58,000, and $66,000, respectively, in a partnership. During its first calendar year, the firm earned $381,300. Prepare the entry to close the firms Income Summary account as of its December 31 year-end and to allocate the $381,300 net income to the partners 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.