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Jayanthi and Krish each own a 50 percent general partner interest in the JK Partnership. The following information is available regarding the partnerships 2021 activities:

Jayanthi and Krish each own a 50 percent general partner interest in the JK Partnership. The following information is available regarding the partnerships 2021 activities:

Sales revenue $ 500,000

Selling expenses 200,000

Depreciation expense 30,000

Long-term capital gain 9,000

Nondeductible expenses 2,000

Partnership debts, beginning of the year 100,000

Partnership debts, end of the year 120,000

Partnership distributions Jayanthi 50,000

Krish 50,000

Required: Complete Schedule K, Form 1065, for the partnership.

Complete Schedule K-1, Form 1065, for Jayanthi. Please show the sections of the K and K-1 form filled in.

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