A has a one-fourth and B a three-fourths interest in a partnership that operates a toy manufacturing company. The partnership files its partnership return on the calendar-year basis. The partnership books disclose the following information for the current calendar year: Sales $225,000 Returns and allowances 10,000 Opening inventory 50,000 Purchases 50.000 Cost of labor and supplies 105,000 Closing inventory 61,000 Royalties received for use of a patent 1,100 Salaries 26,000 Guaranteed payments to partners ($8,400 to each) 16,800 Rent paid 17.000 Interest expense on business debt (other than payments to partners) 550 Taxes 8,500 Bad debt written off 1,000 Repairs 3,000 Depreciation 2,470 Light, postage, stationery, etc. 1,680 Net long-term capital gain 600 Dividends 200 Compute the partnership income and the partners' distributive shares of items that are required to be sepa- rately stated