Ries, Bax, and Thomas invested $36,000, $52,000, and $60,000, respectively, in a partnership. During its first calendar year, the firm earned $394,800. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $394,800 net income under each of the following separate assumptions. . The partners agreed to share income and loss by providing annual salary allowances of $38,000 to Ries, $33,000 to Bax, and 45,000 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 of profits General Journal Allocate $394,800 net income by providing annual salary allowances of $38,000 to Ries, $33,000 to Bax, and $45,000 to Thomas; granting 10% interest on the partners' beginning capital investments; and sharing the remainder equally. Supporting Calculations Ries Bax Thomas Total Net income $ 394,800 Salary allowances 0 Balance after salary allowances 394,800 Interest allowances 3,600 5,200 6,000 Balance after interest and salaries 14,800 380,000 Balance allocated equally 0 Balance of income S 380,000 Shares of the partners S 3,600 S 5,200 $ 6,000 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 < 1 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 $38,000 to Ries, $33,000 to Bax, and $45,000 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 >