Farmer and Taylor formed a partnership with capital contributions of $255,000 and $305,000, respectively. Their partnership agreement calls for Farmer to receive a $81,000 per year salary. The remaining income or loss is to be divided equally. Assuming net income for the current year is $201,000, the journal entry to allocate net income is: 49 Skipped Multiple Choice Debit Income Summary, $201,000; Credit Taylor, Capital, $141,000; Credit Farmer, Capital, $60,000. Debit Income Summary, $201,000; Credit Farmer, Capital, $141,000; Credit Taylor, Capital, $60,000. Debit Income Summary, $201,000; Credit Farmer, Capital, $106,140; Credit Taylor, Capital, $28,860. Debit Income Summary, $201,000; Credit Farmer, Capital, $174,000; Credit Taylor, Capital, $27,000. Debit Income Summary, $201,000; Credit Farmer, Capital, $100,500; Credit Taylor, Capital, $100,500