Julio and Milania are owners of Falcons Corporation, an S corporation. Each owns 50 percent of Falcons Corporation. In year 1 , Julio and Milania each recelved distributions of $12,000 from Falcons Corporation. Problem 11-52 Part a (Algo) a. What amount of ordinary income and separately stated items are allocated to them for year 1 based on the information above? Assume that Falcons Corporation has $230,000 of qualfied property (unadjusted basis). X Answer is comnlete hut not entirelv correct