PRACTICE PROBLEM On January 1,2017, the capital balances in Hollingsworth Company are Lois Holly $26,000 Journalize and prepare and Jim Worth $24,000. In 2017 the partnership reports net income of $30,000. The a schedtuile showing income ratio provides for salary allowances of $12,000 for Holly and $10,000 to Worth and d the remainder to be shared equally. Neither partner had any drawings in 2017. (LO 2) Instructions (a) Prepare a schedule showing the distribution of net income in 2017. (b) Journalize the division of 2017 net income to the partners