Ries, Bax, and Thomas invested $52,000, $68,000, and $76,000,
respectively, in a partnership. During its first calendar year, the
firm earned $355,800.Required:Prepare the entry to close the firm’s Income Summary account as of
its December 31 year-end and to allocate the $355,800 net income
under each of the following separate assumptions:3. The partners agreed to share income and loss
by providing annual salary allowances of $32,000 to Ries, $27,000
to Bax, and $39,000 to Thomas; granting 10% interest on the...