A has one-fourth and B has 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	$235,000.00
Returns and allowances	$10,000.00
Opening inventory	$50,000.00
Purchases	$50,000.00
Cost of labor and supplies	$105,000.00
Closing inventory	$61,000.00
Royalties received for use of a patent	$1,100.00
Salaries	$26,000.00
Guaranteed payments to partners ($8,400 each)	$16,800.00
Rent paid	$17,000.00
Interest expense on business debt (other than payments to the patents)	$550.00
Taxes	$8,500.00
Bad debt written off	$1,000.00
Repairs	$3,000.00
Depreciation	$2,470.00
Light, postage, stationery, etc	$1,680.00
Net long-term capital gain	$600.00
Dividends	$200.00

Compute the partnership income and partner's distributive shares of items that are required to be seperately stated.