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 firm$$s Income Summary account as of its December $31$ year$-$end and to allocate the $$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.