The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $56,000, $72,000, and $80,000, respectively, in a partnership. During its first calendar year, the firm earned $431,100. Required: Prepare the entry to close the firms Income Summary account as of its December 31 year-end and to allocate the $431,100 net income under each of the following separate assumptions.

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.