The XYZ Partnership reports the following items during 2017:

Sales	$400,000
Cost of goods sold	120,000
Dividends-all qualified	6,000
Interest income on certificate of deposit held as an investment	2,000
Tax-exempt interest	1,500
Salaries to employees	130,000
Federal employment taxes	9 ,000
Rental expense	5 ,000
Guaranteed payments to partners	40,000
Net long-term capital gain	12,000
Net short-term capital loss	5,000
Repairs	3,000
MACRS depreciation	10,000
Section 1231 losses	8,000
Charitable contributions	3,500
Amortization of organizational expenditures	1,000
Research and experimentation credit	2,500
Cash distributions to partners	20,000

Calculate ordinary income (or loss) by completing page 1 of Form 1065, and complete Schedule K (Partners' Shares of Income, Credits, Deductions, etc.). Leave spaces blank on Form 1065 if information is not provided.