Farmer and Taylor formed a partnership with capital contributions of $200,000 and $250,000, respectively. Their partnership agreement calls for Farmer to receive a $70,000 per year salary allowance. The remaining income or loss is to be divided equally. Assuming net income for the current year is $135,000, the journal entry to allocate net income is: Multiple Choice Debit Income Summary, $130,000; Credit Taylor, Capital, $102,500; Credit Farmer, Capital, $32,500. Debit Income Summary, $135,000; Credit Farmer, Capital, $130,000; Credit Taylor, Capital, $5,000. Debit Income Summary, $135,000; Credit Farmer, Capital, $102,500; Credit Taylor, Capital, $32,500. Debit Income Summary, $135,000; Credit Farmer, Capital, $67,500; Credit Taylor, Capital, $67,500