Ries, Bax, and Thomas invested $38,000 $54,000 and $62,000, respectively, in a partnership. During its first calendar year, the firm earned $388,200. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $388,200 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 $388,200 net income 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. Supporting Calculations Ries Bax Thomas Total Not income Salary allowances Balance after salary allowances 0 Interest allowances Balance after interest and salanes Balance allocated equally Balance of income Shares of the partners $ 0 $ 0 0 0 0 0 S 0 0 s m: Chapters 12 & 13 Saved 0 Required information UMU Juru! Prepare the entry to close the firm's Income Summary account as of its December 31 year-end. View transaction list Journal entry worksheet >