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Roberto and Reagan are both 25-percent owner/managers for Bright Light Incorporated. Roberto runs the retail store in Sacramento, California, and Reagan runs the retail store in San Francisco, California. Bright Light generated a $131,650 profit companywide made up of a $76,900 profit from the Sacramento store, a ($29,750) loss from the San Francisco store, and a combined $84,500 profit from the remaining stores. If Bright Light is taxed as a partnership and it is decided that both Roberto and Reagan will be allocated 70 percent of his own store's profit, with the remaining profits allocated pro rata among all the owners, how much income will be allocated to Reagan in total? Multiple Choice ($20,825.00) $3,836.25 $21,496.25 ($25,332.50) Butte sold a machine to a machine dealer for $50,800. Butte bought the machine for $54,200 several years ago and has claimed $12,100 of depreciation expense on the machine. What is the amount and character of Butte's gain or loss? Multiple Choice $8,700, capital gain $8,700,1231 loss None of the choices are correct. $3,400,51231 loss $8,700, ordinary gain