0 05452 Required information [The following information applies to the questions displayed below] Jack and Jill are owners of UpAHill, an S Corporation. They own 25 and 75 percent, respectively. ipped Sales revenue UpAHill Corporation (an S Corporation) Income Statement December 31, Year 1 and Year 2 Cost of goods sold Salary to owners Jack and Jill Employee wages Depreciation expense Miscellaneous expenses Interest income (related to business) Qualified dividend income Overall net income Year 1 Year 2 $175,000 $310,000 (60,000) (85,000) (40,000) (50,000) (15,000) (20,000) (10,000) (15,000) (7,500) (9,000) 2,000 2,500 500 1,000 $ 45,000 $134,500 a. What amount of ordinary income and separately stated items are allocated to them for years 1 and 2 based on the information above? Assume that UpAHill Corporation has $100,000 of qualified property (unadjusted basis) in both years.