Wallace and Simpson formed a partnership with Wallace contributing $84,000 and Simpson contributing $64,000. Their partnership agreement calls for the income (loss) division to be based on the ratio of capital investments. The partnership had income of $185,000 for its first year of operation. When the Income Summary is closed, the journal entry to allocate partner income is: (Do not round intermediate calculations.) Multiple Choice Debit Income Summary $185,000; credit Wallace, Capital $92,500; credit Simpson, Capital $92,500. Debit Wallace, Capital $92,500; debit Simpson, Capital $92,500; credit Income Summary $185,000. o O Debit Income Summary $185,000; credit Wallace, Capital $105,000; credit Simpson, Capital $80,000. o Debit Cash $185,000; credit Wallace, Capital $105,000; credit Simpson, Capital $80,000. o Debit Wallace, Capital $105,000; debit Simpson, Capital $84,000; credit Cash $185,000