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Ries, Bax, and Thomas invested $ 8 0 , 0 0 0 , $ 1 1 2 , 0 0 0 , and $ 1

Ries, Bax, and Thomas invested $80,000, $112,000, and $128,000, respectively, in a partnership. During its first calendar year, the firm earned $249,000.
Required:
Prepare the entry to close the firms Income Summary account as of its December 31 year-end and to allocate the $249,000 net income under each of the following separate assumptions.
3. The partners agreed to share income and loss by providing annual salary allowances of $66,000 to Ries, $56,000 to Bax, and $80,000 to Thomas; granting 10% interest on the partners beginning capital investments; and sharing the remainder equally.

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