Farmer and Taylor formed a partnership with capital contributions of $225,000 and $275,000, respectively. Their partnership agreement calls for Farmer obe divided equally. Assuming net income for the current year is $165,000, the journal entry to allocate net income is: receive a $75,000 per year salary. The remaining income or loss is Multiple Choice Debit Income Summary, $165,000; Credit Farmer, Capital, $82,500; Credit Taylor, Capital, $82,500. Debit Income Summary, $165,000; Credit Farmer, Capital, $150,000; Credit Taylor, Capital, $15,000. Debit Income Summary, $165,000; Credit Farmer, Capital, $106,140; Credit Taylor, Capital, $28,860. Debit Income Summary, $165,000; Credit Farmer, Capital, $120,000; Credit Taylor, Capital, $45,000 Debit Income Summary, $165,000; Credit Taylor, Capital, $120,000; Credit Farmer, Capital, $45,000