9. Carol owns 40% of CJ Partnership. The partnership reports $170,000 of revenue, $60,000 cost of goods sold, and $70,000 of other expenses that include $1,500 of doctor bills paid for Carol, a $2,000 charitable contribution, and a $5,000 Section 179 deduction. What is the bottom line net income reported on Carols Schedule K-1? (Points : 5) 1. $48,500 2. $40,000 3. $19,400 4. $16,000