Farmer and Taylor formed a partnership with capital contributions of $250,000 and $300,000, respectively. Their partnership agreement calls for Farmer to receive a $90,000 per year salary. The remaining Income or loss is to be divided equally. Assuming net loss for the current year is $25,000, the journal entry to allocate the net loss is: Multiple Choice Debit Taylor, Capital, $57,500 Credit Income Summary, $25,000, Credit Farmer, Capital, $32,500. Debit Income Summary, $25,000; Debit Farmer, Capital, $32,500; Credit Taylor, Capital, $57,500 Debit Income Summary, $25,000 Credit Taylor, Capital, $12,500, Credit Farmer Capital, $12,500 To 0 0 0 Debit Income Summary, $25.000 Debittaylor, Capital, $32.500 Credit Taylor, Capital, $57,500. Debit income Summary, $25,000 Credit Farmet, Capital, $12.500, Credit Taylor, Capital, $12,500