Partners Gary and Elaine have agreed to share profits and losses in an 50:50 ratio respectively, after Gary is allowed a salary allowance of $30,000 and Elaine is allowed a salary allowance of $15,000. If the partnership had net income of $40,000 for 2017, the entry to allocate Elaines share of the income includes a :

Select one: a. debit Elaine, capital 12500 b. credit cash 15000 c. debit income summary 40000 d. credit Elaine, capital 27500

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