Wallace and Simpson formed a partnership with Wallace contributing $66,000 and Simpson contributing $46,000. Their partnership agreement calls for the income (loss) division to be based on the ratio of capital investments. The partnership had income of $140,000 for its first year of operation. When the Income Summary is closed, the journal entry to allocate partner income is: O Debit Income Summary $140,000; credit Wallace, Capital $70,000; credit Simpson, Capital $70,000. Debit Wallace, Capital $70,000, debit Simpson, Capital $70,000; credit Income Summary $140,000. O Debit Income Summary $140.000, credit Wallace, Capital $82,500; credit Simpson, Capital $57,500. O Debit Cash $140,000; credit Wallace, Capital $82,500; credit Simpson, Capital $57,500 O Debit Wallace, Capital $82,500, debit Simpson, Capital $66,000; credit Cash $140,000