- Required i Saved Help S Required information Problem 12-3A Allocating partnership income LO P2 [The following information applies to the questions displayed below.) Kara Ries, Tammy Bax, and Joe Thomas invested $24,000, $40,000, and $48,000, respectively, in a partnership. During its first calendar year, the firm earned $330,000 Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $330.000 net income to the partners under each of the following separate assumptions: Problem 12-3A Part 3 (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 partners' beginning capital investments, and sharing the remainder equally. Ries Bax Thomas sotal Supporting Calculations Net Income Salary allowances LA