Question

help! What I've done is correct, need help with the rest thanks!

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 $44,000, $60,000, and $68,000, respectively, in a partnership. During its first calendar year, the firm earned $412,500. Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $412,500 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 $39,000 to Ries. $34,000 to Bax, and $46,000 to Thomas, granting 10% interest on the partners' beginning capital investments; and sharing the remainder equally. Supporting Calculations Ries Bax Thomas Total < Prev 3 of 4 ! Next >

Answer 1

Date	Account Titles	Debit	Credit
Dec-31	Income Summary	$       412,500
	Kara Ries, Capital		$           135,500
	Tammy Bax, Capital		$           132,100
	Joe Thomas, Capital		$           144,900

In part 3
First Row Net Income will be quoted $412500