Ries, Bax, and Thomas invested $48.000, $64.000, and $72,000, respectively, in a partnership. During its first calendar year, the firm earned $395,700 Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $395,700 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 $395,700 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 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 $ 0 $ 0 $ 0 Apropriation of profits General Journal > Appropriation of profits General Journal Prepare the entry to close the firm's Income Summary account as of its December 31 year View transaction list Journal entry worksheet