View transaction list Journal entry worksheet 1 Record the entry to close the income summary account assuming the partners have agreed to share income and loss in the ratio of their beginning capital investments Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry View general journal Clear entry 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 $30,000, $46,000, and $54,000, respectively, in a partnership. During its first calendar year, the firm earned $363,300. Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $363,300 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 $35,000 to Ries, $30,000 to Bax, and $42,000 to Thomas; granting 10% interest on the partners' beginning capital investments; and sharing the remainder equally. Supporting Calculations Ries Thomas Total Net income Salary allowances 0 Balance after salary allowances 0 Interest allowances 0 Balance after interest and salaries 0 Balance allocated equally 0 Balance of income 0$ Shares of the partners 0