10-3 Assessment Problems 2 Part 2 of 3 10 points Saved Help Save & E This question will be sent to your instructor for grading. 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. UpAHill Corporation (an S Corporation) Income Statement December 31, Year 1 and Year 2 Sales revenue Cost of goods sold Skipped Salary to owners Jack and Jill Depreciation expense eBook Employee wages Miscellaneous expenses Interest income (related to business) Qualified dividend income Overall net income Print References Year 1 Year 2 $ 175,000 (60,000) $ 310,000 (85,000) (40,000) (50,000) (15,000) (20,000) (10,000) (15,000) (7,500) (9,000) 2,000 500 2,500 1,000 $ 45,000 $ 134,500 b. Complete UpAHill's Form 1120-S, Schedule K, for year 1. Visit the IRS website and download Form 1120-S, Schedule K. Enter the required values in the appropriate fields. Save your completed Tax Form to your computer and then upload it here by clicking "Browse." Next, click "Save."