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Pretty Trees is a general partnership with 10 equal partners. The partnership had the following financial activity for the year: Gross receipts from sales $860,000 Cost of goods sold (390,000) Operating expenses (180,000) Business meals (20,000) Section 1231 gain on equipment sale 5,000 Distribution to partners (75,000) a. Compute each partner's share of partnership ordinary income and separately stated items. b. If a partner's adjusted basis in the Pretty Trees interest was $30,000 at the beginning of the year, compute the adjusted basis at the end of the year. Assume that the partnership's debt did not change during the year. c. How would your basis computation change if the partnership's debt at the end of the year is $50,000 less than its debt at the beginning of the year? YOU MUST SHOW RELEVANT CALCULATIONS TO RECEIVE CREDIT FOR YOUR ANSWERS. Edit View Insert Format Tools Table