Mike and Penelope are equal partners in MP partnership. The partnership, Mike, and Penelope are calendar year taxpayers. The partnership incurred the following items in the current year: a. Sales $450,000 b. Cost of goods sold $210,000 c. Dividend on corporate investments $ 15,000 d. Tax-exempt interest income $ 4,000 e. Section 1245 gain (recapture) on equipment sale $ 33,000 f. Section 1231 gain on equipment sale $ 18,000 g. Long-term capital gain on stock sale $ 12,000 h. Long-term capital loss on stock sale $ 10,000 i. Short-term capital loss on stock sale $ 9,000 j. Deprecition (no Sec. 179 or bonus depreciation components) $ 27,000 k. Guaranteed payment to Pamela $ 30,000 l. Meals and entertainment expenses $ 11,600 m. Interest expense on loans allocable to: Business debt $ 42,000 Stock investments $ 9,200 Tax-exempt bonds $ 2,800 n. Principal payment on business loan $ 14,000 o. Charitable contributions $ 5,000 p. Distributions to partners ($40,000 each) $ 80,000 1. Compute the partnership's ordinary income and separately stated items. im having problems with part 1. can some1 help me understand