Ries, Bax, and Thomas invested $34,000, $50,000, and $58,000, respectively, in a partnership. During its first calendar year, the firm earned $339,000. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $339,000 net income under each of the following separate assumptions. 3. The partners agreed to share income and loss by providing annual salary allowances of $32,000 to Ries, $27,000 to Bax, and $39,000 to Thomas; granting 10% interest on the partners' beginning capital investments; and sharing the remainder equally. Allocate $339,000 net income by providing annual salary allowances of $32,000 to Ries, $27,000 to Bax, and $39,000 to Thomas; granting 10% interest on the partners' beginning capital investments; and sharing the remainder equally. Supporting Calculations Net income Salary allowances Ries Bax Thomas Total 0 Balance after salary allowances Interest allowances Balance after interest and salaries Balance allocated equally 0 0 0 0 Balance of income $ 0 Shares of the partners $ 0 $ 0 $ 0 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 $32,000 to Ries, $27,000 to Bax, and $39,000 to Thomas; granting 10% interest on the partners' beginning capital investments; and sharing the remainder equally. Note: Enter debits before credits. Date December 31 General Journal Debit Credit