Farmer and Taylor formed a partnership with capital contributions of $235.000 and $285,000, respectively. Their partners

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Farmer And Taylor Formed A Partnership With Capital Contributions Of 235 000 And 285 000 Respectively Their Partners 1 (28.32 KiB) Viewed 16 times

Farmer and Taylor formed a partnership with capital contributions of $235.000 and $285,000, respectively. Their partnership agreement calls for Farmer to receive a $77,000 per year salary allowance. The remaining income or loss is to be divided equally. Assuming net income for the current year is $177,000. the journal entry to allocate net income is: Multiple Choice Debit Income Summary, $177,000, Credit Former, Cepal, $44,400, Credit Taylor, Capital $132.600 Debt income Summary $177,000, Credit Farmer Capital, $88.500, Credit Toyo Capital, $88.500 Debt Income Summary, $177,000 Credit Farmer, Capital $127,000 Credit Taylor, Capital $50.000 Debt Income Summary, $177,000 Credit Teylox Capital $127000, Credit Famer, Capital $50,000 Debit Income Summary, $177,000 Credit Farmer Capital, $158.000, Credit Taylor, Capital, $19000