1 Required Information {The following information applies to the questions displayed below! Jullo and Milania are owners of Falcons Corporation, an corporation Each owns 50 percent of Falcons Corporation. In year 1. Jullo and Milana cach received distributions of $14.000 from Falcons Corporation Part of 3 166 pointa Falcons Corporation (ans Corporation) Income Statement December 11 Year 1 and Year 2 Dock Sales revenue Cost of goods sold Salary to cunets volto ena Melania Employee wages Depreciation open Section 10 Interest Income related to business income Municion bond income Government fins Overall tacone Distributions Year 1 $ ss, (43.2003 (40,000) (25,00) (35) (10.000 30, 1. Year $431, (530) (80.000) (50,000) (te, 1) 11/10 1,500 2.00 12.10 Print References 5.35 5.28,90 S. . What amount of ordinary income and separately stated items are allocated to them for year based on the informaton above? Assume that Falcons Corporation has $200.000 of Qualified property (unadjusted basis) A to Alcated VE Ordinary income 1,300 Government Fines Overall net income Distributions $ 163,30 $ 28,000 3,600 (2.000) $ 182, 180 $ 50,00 eBook Print a. What amount of ordinary income and separately stated items are allocated to them for year 1 based on the information above? Assume that Falcons Corporation has $200,000 of qualified property (unadjusted basis) References Amount Allocated to Allocated to Milan Ordinary income Cost of goods sold Depreciation expense Distributions Employee wages Government fines Intarest Income Me Mars 1 Lalcons Corporations Corporation) Income Statement December 11, Year 1 and Year 2 Part 1 of 3 Sales revenue Cost of goods sold Salary to owners Julie and Milania Employee wages Depreciation expense Section 179 expense Interest Income (celated to business Income) Municipal bond Income Government fines Overall set Income Distributions Year 1 $ 305,000 (43) (40.000) (25.000) (15,600) (be.c60) 30, 1,10 e $ 16,00 Year $ 435.000 (65.600) (10) (50,000) (30,000) (50.600) 10,500 3.600 166 pointa 162,100 $50,00 Book .. What amount of ordinary income and separately stated items are allocated to them for year I based on the information above? Assume that Falcons Corporation hos $200,000 or qualified property (unadjusted basis). Print Reference located to Amount ated to Ordinary Income Interest income Municipal bond income Qualified business income Salary to owners Julio and Milana Sales revenue Section 179.XOS ter Part of Weer 1 $ 0.00 (43.00) (40,000) (20.00) (15.000) ( 10) 10.00 1,300 435, 10,000) 150.00) Sales revenge Cost of poodsalt Salary towers Julie and Milania Teployee wage Depreciation expense Section 179 expense Interest Incone Crelated to business INCORS) Municipal bond income Government ines Overall set income Distributions 166 points (30,000) 54.000 18,50 12.00) 112,100 $ 18,00 120.000 eDoc 1 54.00 a. What amount of ordinary income and separately stated items are allocated to them for year 1 based on the information above Assume that Falcons Corporation has $200,000 of qualified property (unadjusted basis) References Amount JU Mala Ordinary Income Salary to owners Julio and Milania Sales revenue Section 179 expense Allocated wages Unadjusted basis of qualified property Falcons Corporation (an S Corporation) Income Statement December 31, Year 1 and Year 2 Sales revenue Cost of goods sold Salary to owners Julio and Milania Employee wages Depreciation expense Section 1expense Interest income related to business income) Municipal bond Income Government finas Year 1 $ 305, eee (43 Bee) (40,800 (25.eee) 5,000 vse, D80) 10.ee 2388 Year 2 $ 435, eee (63,880) (88,888 (58,000 (99, eee) (58,eee) 18. see 3,500 (2.eeey $ 182, 183 overall net Income bestributions $ 163,300 $ 28 , 358, de