. On May 1, 1989, Brendan McLeod and Duncan Ryan formed Angler Associates, a general partnership, to sell fishing tackle. Pertinent information regarding Angler is summarized as follows: The business address is 3027 Woodland Ridge Blvd., Baton Rouge, Louisiana 70816. The employer identification number is 75-3392543; the principal business activity code is 451110. The filing center is Memphis, Tennessee Brendan and Duncan each own one-half interest of the partnership; they share equally in profits, losses and ownership of capital. Brendan is the designated representative of the partnership. Both work full-time, and each receive a guaranteed payment of $$209,375, a regular draw to cover estimated tax payments of $44,970, and a year- end bonus of $59,375. Brendans Social Security number is 145-26-2593. Duncan's Social Security number is 287-43-4945. The partnership uses the accrual method of accounting and reports on a calendar basis. Inventories are determined by using the lower of cost or market method. For book purposes, the straight-line method of depreciation is used. MACRS depreciation was $75,625 for the year. Selected portions of Angler's profit and loss statement of 2019 reflect the following debits and credits: Debit Credit $ 3,125,000 $ 118,750 1,746,875 193,750 37,500 21,875 25,000 Account Gross sales Sales returns and allowances Cost of goods sold Dividends received from stock investments in less than 20% owned U.S. corporations Interest income State bonds Certificates of deposit Premiums on term life insurance policies on the lives of Brendan and Duncan; Angler Corporation is the designated beneficiary Guaranteed payments Salaries-clerical and sales Taxes (state, local, and payroll) Repairs Interest expense Donations to DNC Advertising Rental Expense Depreciation 418,750 337,500 43,750 21,875 18,750 9,375 6,250 34,375 50,000 A comparative balance sheet for Angler Associates reveals the following information: Assets Cash Trade notes and accounts receivable Inventories Certificates of Deposit State bonds Buildings and other depreciable assets Accumulated depreciation Land Other assets December 31, 2018 $480,000 808,200 600,000 130,000 170,000 240,000 (88,800) 20,000 3,600 December 31, 2019 $449,900 1,060,600 687,500 130,000 170,000 265,625 (138,800) 20,000 1,000 Total assets $2,363,000 $2,645,825 Liabilities and Equity Accounts payable Other current liabilities Mortgages Capital - Brendan McLeod Capital - Duncan Ryan $340,000 57,860 220,000 872,570 872,570 271,875 62,500 228,125 1,041,663 1,041,663 Total liabilities and equity $2,363,000 $2,645,825 Net income per books is $546,875. Prepare a Form 1065 for Angler Associates for tax year 2019. Also attach a Form 1125-A, 1065 Schedule B-1 and Schedule K-1. . On May 1, 1989, Brendan McLeod and Duncan Ryan formed Angler Associates, a general partnership, to sell fishing tackle. Pertinent information regarding Angler is summarized as follows: The business address is 3027 Woodland Ridge Blvd., Baton Rouge, Louisiana 70816. The employer identification number is 75-3392543; the principal business activity code is 451110. The filing center is Memphis, Tennessee Brendan and Duncan each own one-half interest of the partnership; they share equally in profits, losses and ownership of capital. Brendan is the designated representative of the partnership. Both work full-time, and each receive a guaranteed payment of $$209,375, a regular draw to cover estimated tax payments of $44,970, and a year- end bonus of $59,375. Brendans Social Security number is 145-26-2593. Duncan's Social Security number is 287-43-4945. The partnership uses the accrual method of accounting and reports on a calendar basis. Inventories are determined by using the lower of cost or market method. For book purposes, the straight-line method of depreciation is used. MACRS depreciation was $75,625 for the year. Selected portions of Angler's profit and loss statement of 2019 reflect the following debits and credits: Debit Credit $ 3,125,000 $ 118,750 1,746,875 193,750 37,500 21,875 25,000 Account Gross sales Sales returns and allowances Cost of goods sold Dividends received from stock investments in less than 20% owned U.S. corporations Interest income State bonds Certificates of deposit Premiums on term life insurance policies on the lives of Brendan and Duncan; Angler Corporation is the designated beneficiary Guaranteed payments Salaries-clerical and sales Taxes (state, local, and payroll) Repairs Interest expense Donations to DNC Advertising Rental Expense Depreciation 418,750 337,500 43,750 21,875 18,750 9,375 6,250 34,375 50,000 A comparative balance sheet for Angler Associates reveals the following information: Assets Cash Trade notes and accounts receivable Inventories Certificates of Deposit State bonds Buildings and other depreciable assets Accumulated depreciation Land Other assets December 31, 2018 $480,000 808,200 600,000 130,000 170,000 240,000 (88,800) 20,000 3,600 December 31, 2019 $449,900 1,060,600 687,500 130,000 170,000 265,625 (138,800) 20,000 1,000 Total assets $2,363,000 $2,645,825 Liabilities and Equity Accounts payable Other current liabilities Mortgages Capital - Brendan McLeod Capital - Duncan Ryan $340,000 57,860 220,000 872,570 872,570 271,875 62,500 228,125 1,041,663 1,041,663 Total liabilities and equity $2,363,000 $2,645,825 Net income per books is $546,875. Prepare a Form 1065 for Angler Associates for tax year 2019. Also attach a Form 1125-A, 1065 Schedule B-1 and Schedule K-1