After clo Sing the e enue and expe se accounts, the profit for the year ening December 31, 2017 of the Ho & Holly partnership is $11 . The part enhip agreement speci es that pro s and osses will be shared using the following formula Alocate salary alwances of $24,000 to Mo and $33,000 to Molly 2 Remaining proft (loss) is to be shared on a ratio of 2:1 ofthe year, Mo's captaaccourt had a balance of S36,000 and ear's captal acco unt had a balance or ssooo. Mo withdrew S.200 ash per month while Holy withdrew sado per month from the partnership. Prepare a statement of partners' equity for the year. (List Items that Increase partner's equity first.) MO & HOLLY Statement of Partners' Equity Year Ended December 31, 2017 Total Mo Molly ent MO & MOLLY Division of Profit Year Ended December 31, 2017 Molly Total Profit Salary allowance Mo Molly Total Profit remaining for allocation Fixed ratio Mo Molly Total Profit remaining for allocation Profit allocated to the partners