Ries, Bax, and Thomas invested $52,000, $68,000, and $76,000, respectively, in a partnership. During its first calendar year, the firm earned $355,800. Required: Prepare the entry to close the firms Income Summary account as of its December 31 year-end and to allocate the $355,800 net income under each of the following separate assumptions:

3. The partners agreed to share income and loss by providing annual salary allowances of $32,000 to Ries, $27,000 to Bax, and $39,000 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. Appropriati... of profits General Journal Allocate $355,800 net income allowances of $32,000 to Ries, $27,000 to Bax, and $39,000 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 Balance after salary allowances Interest allowances Balance after interest and salaries Balance allocated equally Balance of income Shares of the partners Appropriati... of profits General Journal Prepare the entry to close the firm's Income Summary account as of its December 31 year-end. View transaction list Journal entry worksheet Record the entry to close the income summary account assuming the partners have agreed to share income and loss by providing annual salary allowances of $32,000 to Ries, $27,000 to Bax, and $39,000 to Thomas; granting 10% interest on the partners' beginning capital investments; and Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Record entry Clear entry View general journal Appropriation of profits General Journal >