Saved Help Save & 01 3 of 3 Required information [The following information applies to the questions displayed below.) Ries, Bax, and Thomas invested $40,000, $56,000, and $64,000, respectively, in a partnership. During its first calendar year, the firm earned $417,300. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $417,300 net income under each of the following separate assumptions: poed 3. The partners agreed to share income and loss by providing annual salary allowances of $40,000 to Ries, $35,000 to Bax, and $47,000 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. Appropriation of profits General Journal Allocate $417,300 net income allowances of $40,000 to Ries, $35,000 to Bax, and $47,000 to Thomas; granting 10% interest on the partners' beginning capital investments; and sharing the remainder equally Ries Bax Thomas Total Supporting Calculations Net Income Salary allowances Balance after salary allowancas Interest allowances Balance after interest and salaries Islands D 0 0 0 Appropriation of profits General Journal Allocate $417,300 net income allowances of $40,000 to Ries, $35,000 to Bax, and $47,000 to Thomas, granting 10% interest on the partners' beginning capital investments, and sharing the remainder equally. Ries Thomas Total 0 0 Supporting Calculations Net income Salary allowances Balance ahor salary allowances Interest allowances Balance after interest and salaries Balance allocated equally Balance of income Shares of the partners 0 0 0 $ 0 $ 0 $ 0 $ Appropriation of pre General Journal >