=U&launchUrl=http%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/questi. Saved Help Save & Exit zarmer and Taylor formed a partnership with capital contributions of $290,000 and $340,000, respectively. Their partnership agreement alls 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 urrent year is $243,000, the journal entry to allocate net income is: Multiple Choice Debit Income Summary $243,000; Credit Farmer, Capital, $106.140 Credit Taylor, Capital, $28,860 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, 577.500 Debit Income Summary, $243,000 Credit Taylor, Capital, S165,500; Credit Farmer, Capital, $77,500 4 of 27 Next > O DI =U&launchUrl=http%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/questi. Saved Help Save & Exit zarmer and Taylor formed a partnership with capital contributions of $290,000 and $340,000, respectively. Their partnership agreement alls 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 urrent year is $243,000, the journal entry to allocate net income is: Multiple Choice Debit Income Summary $243,000; Credit Farmer, Capital, $106.140 Credit Taylor, Capital, $28,860 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, 577.500 Debit Income Summary, $243,000 Credit Taylor, Capital, S165,500; Credit Farmer, Capital, $77,500 4 of 27 Next > O DI