Farmer and Taylor formed a partnership with capital contributions of $300,000 and $350,000, respectlvely. Their partnership agreemient calls for Farmer to recelve a $110,000 per year salary alfowance. The remaining income or loss is to be divided equally. Assuming net loss for: the current year is $35,000, the journal entry to allocate the net loss is Mutiple Choice Debit income Summory, $35,000, Credt Tayor, Copital, 517,500; Creait Farme, Coptol 50,500 Debit Income Summory $35,000, Debe Tinytor, Captal, 537,500 . Credit Farmet, Coplial 572,500 Debit Income Summary, $35,000; Credit Taylor, Capital, \$17,500, Credit Former, Capital, $17,500 Debit Income Summary, \$35,000, Debit Taylor, Capital, $37,500, Credit Farmer, Capital, \$72,500. Debit Toyior, Copital, \$72,500; Credit income Summary, $35,000; Credit Farmer, Copital, $37,500. Debit Income Summory, \$35,000; Debit Farmer, Capitol, \$37,500: Credit Taylor, Copital, \$72,500 Debit income Summary, 535.000, Credit Farme, Captal, 517.500, Credt Toyior, Copito, $17500