Ries, Bax, and Thomas invested $$54,000,$$$70,000,$ and $$78,000,$ respectively, in a partnership. During its first calendar year, the firm earned $$385,200.$

Required:

Prepare the entry to close the firm's Income Summary account as of its December $31$ year$-$end and to allocate the $$385,200$ net income under each of the following separate assumptions.

$3.$ The partners agreed to share income and loss by providing annual salary allowances of $$35,000$ to Ries, $$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.

$\backslash$table$[[\backslash$table$[[$Appropriation$],[$of profits$]],\backslash$table$[[$General$],[$Journal$]],,,,],[\backslash$table$[[$Allocate $$385,200$ net income by providing annual salary allowances of $$35,000$ to Ries, $$3$