Ries, Bax, and Thomas invested $44,000 $60,000, and $68,000, respectively, in a partnership. During its first calendar year, the firm earned $375,600 Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year end and to allocate the $375,600 net income under each of the following separate assumptions 3. The partners agreed to share income and loss by providing annual salary allowances of $35,000 10 Ries, $30,000 to Bax, and $42,000 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 $375,600 net income by providing annual salary allowances of $35,000 to Ries, $30,000 to Bax, and 542,000 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 0 Balance after salary allowances 0 Interest allowances 0 Balance after interest and salaries 0 Balance allocated equally 0 Balance of income $ 0 Shares of the partners 5 0 $ ols 0 Mits General Journal >