Ries, Bax, and Thomas invested $44,000, $60,000, and $68,000, respectively, in a partnership. During its first calendar year, the firm earned $420,000. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $420,000 net income under each of the following separate assumptions: 3. The partners agreed to share income and loss by providing annual salary allowances of $40,000 to Ries, $35,000 to Bax, and $47,000 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 $420,000 net income allowances of $40,000 to Ries, $35,000 to Bax, and $47,000 to Thomas; granting 10% interest on the partners' beginning capital investments, and sharing the remainder equally. Ries Bax Thomas Total 0 0 Supporting Calculations Net income Salary allowances Balance after salary allowances Interest allowances Balance after interest and salaries Balance allocated equally Balance of income Shares of the partners 0 0 0 $ 0 $ 0 $ 0 $ 0