3 Farmer and Taylor formed a partnership with capital contributions of $230,000 and $280,000, respectively. Their partnership agreement calls for Farmer to receive a $76,000 per year salary allowance. The remaining income or loss is to be divided equally. Assuming net income for the current year is $171,000, the journal entry to allocate net income is: Debit Income Summary, $171,000: Credit Farmer. Capital, $85.500; Credit Taylor, Capital, $85,500. Debit Income Summary, $171,000; Credit Farmer, Capital, $154,000; Credit Taylor, Capital, $17,000. Debit Income Summary, $171,000; Credit Farmer. Capital, $42.180: Credit Taylor, Capital, $128,820. Debit Income Summary, $171.000; Credit Farmer. Capital, $123,500: Credit Taylor. Capital, $47,500. Debit Inc