Problem $12-3$A $($Algo$)$ Allocating partnership income LO P$2$

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Ries, Bax, and Thomas invested $$60,000,$$$76,000,$ and $$84,000,$ respectively, in a partnership. During its first calendar

year, the firm earned $$390,600.$

Required:

Prepare the entry to close the firm's Income Summary account as of its December $31$ year$-$end and to allocate the

$$390,600$ net income under each of the following separate assumptions.

Problem $12-3$A $($Algo$)$ Part $3$

The partners agreed to share income and loss by providing annual salary allowances of $$35,000$ to Ries, $$30,000$ to Bax, and

$$42,000$ to Thomas; granting $10\%$ interest on the partners' beginning capital investments; and sharing the remainder equally.

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