Ries, Bax, and Thomas invested $56,000, $72,000, and $80,000, respectively, in a partnership. During its first calendar year, the firm earned $421,800.

Required:

Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $421,800 net income under each of the following separate assumptions:

Problem 12-3A Part 3

3.The partners agreed to share income and loss by providing annual salary allowances of $39,000 to Ries, $34,000 to Bax, and $46,000 to Thomas; granting 10% interest on the partners' beginning capital investments; and sharing the remainder equally.

I just want to know how I am supposed to figure out the numbers to this or what problem to use.