Ries, Bax, and Thomas invested $24.000, $40,000, and $48,000, respectively, in a partnership. During its first calendar year, the firm earned $376,500 Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $376,500 net income under each of the following separate assumptions: 3. The partners agreed to share income and loss by providing annual salary allowances of $37,000 to Ries, $32,000 to Bax, and $44,000 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 $376,500 net income allowances of $37,000 to Ries, $32,000 to Bax, and $44,000 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 Interest wilowances Balance after interest and sales Balance allocated equally Balance of income Sharon of the partner Ceneral Journal > Appropriation of profits General Journal Prepare the entry to close the firm's Income Summary account as of its December 31 year-end. View transaction list 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 $37,000 to Ries, $32,000 to Bax, and $44,000 to Thomas, granting 10% Interest on the partners' beginning capital investments; and sharing the Note: Enter debits before credits Dobit Credit General Journal Date Dec 31 View general Journal Record entry Clear entry