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David, Mary, and Bill are equal partners in the DMB Partnership, which uses the accrual method of accounting. All The following additional information is available about the current year's activities. three materially participate in the business. DMB reports financial accounting income of $320,000 for the current i (Click the icon to view the additional information.) year. The partnership used the following information to determine financial accounting income. (Click the icon to view the information.) Read the requirements. Requirement a. What is DMB's financial accounting income? DMB's financial accounting income is Requirements b, c, and d. What is DMB's partnership taxable income? What is DMB's ordinary income (loss)? What are DMB'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.)Data Table Operating profit (excluding the items listed below) $ 199,400 Rental income 23,000 Interest income: Municipal bonds (tax-exempt) 10,000 Corporate bonds 2,600 Dividend income (all from less-than-20%-owned domestic corporations) 24,000 Gains and losses on property sales: Gain on sale of land held as an investment (contributed by David six years ago when its basis was $10,000 and its FMV was $14,000) 80,000 Long-term capital gains 25,000 Short-term capital losses 5,000 Sec. 1231 gain 6,000 Unrecaptured Sec. 1250 gain 59,000Depreciation: Rental real estate 11,000 Machinery and equipment 32,000 Interest expense related to: Mortgages on rental property 14,000 Loans to acquire municipal bonds 2,000 Guaranteed payments to David 45,000 Low-income housing expenditures qualifying for credit 18,000The partnership received a $1,400 prepayment of rent for next year but has not recorded it as income for financial accounting purposes. The partnership recorded the land for financial accounting purposes at $14,000. MACRS depreciation on the rental real estate and machinery and equipment were $11,000 and $33,000, respectively, in the current year. MACRS depreciation for the rental real estate includes depreciation on the low-income housing expenditures.Taxable Ordinary Separately Income Income Stated Items Income Operating profit Rental income Interest on municipal bonds Interest on corporate bonds Dividend income Gain on investment land Long-term capital gain Short-term capital loss Sec. 1231 gain Unrecaptured Sec. 1250 gain Expenses Depreciation Interest expense on mortgage Interest expense on municipal bond loan Guaranteed payment Low-income housing expenditures Total