Farmer and Taylor formed a partnership with capital contributions of $215.000 and $265,000, respectively. Their parthership agreement calls for Farmer to recelve a $76,000 per year salary allowance The remaining income or loss is to be divided equally. Assuming net loss for the current year is $18,000, the joumal entry to allocate the net loss is: Muitiple Choice Debit income Summary. $18,000; Debit Tayior. Capital, $29,000; Credit Farmer. Capital, $47,000. Debit income Summary, \$18,000; Debit Farmer. Capital, \$29,000, Credit Taylor, Capital, \$47,000. Debit Taylor, Capital, $47,000 : Credit Income Summary, \$18,000 Credit Former, Capital. $29,000. Debit Income Summary, $18,000, Credit Farmer, Capital, $9.000. Credit Taylor, Capltal, $9,000 Debrt income Summary, \$18.000: Credit Taylor, Capltal, \$9.000; Credit Farmer, Capital, $9.000 Farmer and Taylor formed a partnership with capital contributions of $215.000 and $265,000, respectively. Their parthership agreement calls for Farmer to recelve a $76,000 per year salary allowance The remaining income or loss is to be divided equally. Assuming net loss for the current year is $18,000, the joumal entry to allocate the net loss is: Muitiple Choice Debit income Summary. $18,000; Debit Tayior. Capital, $29,000; Credit Farmer. Capital, $47,000. Debit income Summary, \$18,000; Debit Farmer. Capital, \$29,000, Credit Taylor, Capital, \$47,000. Debit Taylor, Capital, $47,000 : Credit Income Summary, \$18,000 Credit Former, Capital. $29,000. Debit Income Summary, $18,000, Credit Farmer, Capital, $9.000. Credit Taylor, Capltal, $9,000 Debrt income Summary, \$18.000: Credit Taylor, Capltal, \$9.000; Credit Farmer, Capital, $9.000