Wallace and Simpson formed a partnership with Wallace contributing $92,000 and Simpson contributing $72,000. Their partnership agreement cars for the income based on the ratio of capital investments. The partnership had income of $205,000 for its first year of operation. When the income summary is closed, the journal partner income is Debit income Summary $205,000, credit Wallace, Capital $102,500; credit Simpson, Capital $102,500 Debit Wallace, Capital $102,500, debit Simpson, Capital $102,5000; credit income Summary $205,000