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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 partnership's 2019 activities:
Jayanthi and Krish each own a 50 percent general partner interest in the JK Partnership. The following information is available regarding the partnership's 2019 activities: Sales revenue Selling expenses Depreciation expense Long-term capital gain Nondeductible expenses Partnership debts, beginning of the year Partnership debts, and of the year Partnership distributions Jayanthi Krish $500,000 200,000 30,000 9,000 2,000 100.000 120,000 50,000 50,000 Required: a. Complete Schedule K, Form 1065, for the partnership b. Complete Schedule K-1. Form 1065, for Jayanthi. Complete this question by entering your answers in the tabs below. Schedule K Parta Schedule K1 Part b Complete Schedule K, Form 1065, for the partnership. (Input all the values as positive numbers.) Total amount Schedule K 500.000 2 Partners Distributive Share Items 1 Ordinary business income fossXpage 1. line 22) 2. Net rental res estate income oss attach Form BR25) 2 Other gross rental income (os) Expenses from other rental adibes (attachment] Othernet rental income (ons) Subtract line 3b from linea 4 Guaranteed payments 5 interest income 3b 3c 4 5
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