Facts in 2015: ABC LLP, a limited liability partnership, 123 Oak Dr Houston TX 77002 Date Business Started 1/1/2000 Business Activity, retail sales Business Code 99999 The partnership is a cash basis business Total Assets 5,000, OOO Gloss Receipts Cost of Goods Sold 5400, 000 (assume no beginning and ending inventory and purchases are $400,000) ABC LLP uses the lower of cost or market method for valuing invento:y and also uses the FIFO method for determining the cost of goods sold Guaranteed payment paid to Bee Jones, partner, SSN-222-22-2222, was S200,ooo Salaries and wages paid to employees was S50,OOO Office Rent paid for home office was 510,000 Supplies expense totaled 540,000 The partnership manufacturers clothing. Partner ownership (capital, profit and loss) is as follows: o Bee Jones 400/0 o John Smith 40% o Julie Smart 20% All partners materially participate in the partnership business. The partnership has engaged you to prepare the 201S Form 1065 (pages 1, 2 and 4). Also, prepare the Schedule K-1 for Bee Jones, 400/0 partner. You will not be preparing the Form 1125-A for Cost of Goods Sold. Assume the partnership has no debts. Bee Jones had a beginning capital balance of 510,000. Be sure to sign the return as the preparer. Do not put your SSN # on the Form 1065.