Farmer and Taylor formed a partnership with capital contributions of $290,000 and $340,000, respectively. Their partnership agreement calls for Farmer to receive a $88,000 per year salary. The remaining income or loss is to be divided equally. Assuming net income for the current year is $243,000, the journal entry to allocate net income is: Debit Income Summary, $243,000; Credit Taylor, Capital, $165,500; Credit Farmer, Capital, $77,500. Debit Income Summary, $243,000; Credit Farmer, Capital, $121,500; Credit Taylor, Capital, $121,500. Debit Income Summary, $243,000; Credit Farmer, Capital, $165,500; Credit Taylor, Capital, $77,500. Debit Income Summary, $243,000: Credit Farmer, Capital $106.140: Credit Taylor, Capital, $28,860. Debit Income Summary, $243,000: Credit Farmer, Capital, $202.000: Credit Taylor, Capital, $41,000