Hollander and I. Rogers have capital balances on January 1 of $40,000 and $70,000, respectively. The partnership income-sharing agreement provides for (1) annual salaries of $24,000 for R. Hollander and $15,000 for I. Rogers, (2) interest at 10% on beginning capital balances, and (3) remaining income or loss to be shared 60% by R. Hollander and 40% by I. Rogers. a) Prepare a schedule showing the distribution of net income, assuming net income is $48,000. b) Prepare the closing entries for the division of net income