Mark, Laura, and Paul are equal partners in the MLP Partnership, which uses the accrual method of accounting. All three materially participate in the business. MLP reports financial accounting income of $164,000 for the current year. The partnership used the following information to determine financial accounting income. Click the icon to view the information.) The following additional information is available about the current year's activities. (Click the icon to view the additional information.) Read the requirements Requirement a. What is MLP's financial accounting income? MLP's financial accounting income is Requirements b, c, and d. What is MLP's partnership taxable income? What is MLP's ordinary income (loss)? What are MLP's separately stated items? Begin by determining the partnership's taxable income, then ordinary income (loss), and finally separately stated items. (If a box is not used in the table leave the box empty; do not enter a zero. Use parentheses or a minus sign for loss and expense amounts.) Taxable Ordinary Separately Stated Items Income Income Income Operating profit Rental income Interest on municipal bonds Interest on corporate bonds Dividend income Gain on investment land Enter any number in the edit fields and then continue to the next question. -X Data Table A 50,000 28,000 19,000 3,500 16,000 Operating profit (excluding the items listed below) Rental income Interest income: Municipal bonds (tax-exempt) Corporate bonds Dividend income (all from less-than-20%-owned domestic corporations) Gains and losses on property sales: Gain on sale of land held as an investment contributed by Mark six years ago when its basis was $9,500 and its FMV was $18,000) Long-term capital gains Short-term capital losses Sec. 1231 gain Unrecaptured Sec. 1250 gain Depreciation: Rental real estate Machinery and equipment 55,000 15,000 3,000 9,500 62,000 16,000 28,000 Print Done Mark, Laura, and Paul are equal partners in the MLP Partnership, which uses the accrual method of accounting. All three materially participate in the business. MLP reports financial accounting income of $164,000 for the current year. The partnership used the following information to determine financial accounting income. Click the icon to view the information.) The following additional information is available about the current year's activities. (Click the icon to view the additional information.) Read the requirements Requirement a. What is MLP's financial accounting income? MLP's financial accounting income is Requirements b, c, and d. What is MLP's partnership taxable income? What is MLP's ordinary income (loss)? What are MLP's separately stated items? Begin by determining the partnership's taxable income, then ordinary income (loss), and finally separately stated items. (If a box is not used in the table leave the box empty; do not enter a zero. Use parentheses or a minus sign for loss and expense amounts.) Taxable Ordinary Separately Stated Items Income Income Income Operating profit Rental income Interest on municipal bonds Interest on corporate bonds Dividend income Gain on investment land Enter any number in the edit fields and then continue to the next question. -X Data Table A 50,000 28,000 19,000 3,500 16,000 Operating profit (excluding the items listed below) Rental income Interest income: Municipal bonds (tax-exempt) Corporate bonds Dividend income (all from less-than-20%-owned domestic corporations) Gains and losses on property sales: Gain on sale of land held as an investment contributed by Mark six years ago when its basis was $9,500 and its FMV was $18,000) Long-term capital gains Short-term capital losses Sec. 1231 gain Unrecaptured Sec. 1250 gain Depreciation: Rental real estate Machinery and equipment 55,000 15,000 3,000 9,500 62,000 16,000 28,000 Print Done