77 Farmer and Taylor formed a partnership with capital contributions of $210,000 and $260,000, respectively. Their partnership agreement calls for Farmer to receive a $74,000 per year salary. The remaining income or loss is to be divided equally. Assuming net loss for the current year is $17,000, the journal entry to allocate the net loss is: Skipped Multiple Choice 0 Debit Income Summary, $17,000; Debit Farmer, Capital, $28,500; Credit Taylor, Capital, $45,500. 0 Debit Income Summary, $17,000; Credit Taylor, Capital, $8,500; Credit Farmer, Capital, $8,500. 0 Debit Income Summary, $17,000; DebitTaylor, Capital, $28,500; Credit Taylor, Capital, $45,500. 0 Debit Income Summary, $17,000; Credit Farmer, Capital, $8,500; Credit Taylor, Capital, $8,500. 0 c) Debit Taylor, Capital, $45,500; Credit Income Summary, $17,000; Credit Farmer, Capital, $28,500