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 $183,000, a regular draw to cover estimated tax payments of $34,895, and a year-end bonus of $51,290. Brendans Social Security number is 145-26-2593. Duncans 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 $78,342 for the year.

Selected portions of Anglers profit and loss statement of 2019 reflect the following debits and credits:

Account		Debit	Credit
Gross sales			$2,912,470
Sales returns and allowances		$133,650
Cost of goods sold		1,607,200
Dividends received from stock investments in less than 20% owned U.S. corporations			71,300
Interest income
State bonds		$12,750
Certificates of deposit		16,400	29,150
Premiums on term life insurance policies on the lives of Brendan and Duncan; Angler Corporation is the designated beneficiary		14,000
Guaranteed payments		366,000
Salaries-clerical and sales		314,500
Taxes (state, local, and payroll)		38,186
Repairs		24,059
Interest expense		17,390
Donations to DNC		2,500
Advertising		8,234
Rental Expense		42,385
Depreciation		59,380

A comparative balance sheet for Angler Associates reveals the following information:

Assets	December 31, 2018	December 31, 2019
Cash	$480,000	$289,066
Trade notes and accounts receivable	808,200	1,060,600
Inventories	600,000	828,330
Certificates of Deposit	130,000	130,000
State bonds	170,000	170,000
Buildings and other depreciable assets	240,000	269,500
Accumulated depreciation	(88,800)	(148,180)
Land	20,000	20,000
Other assets	3,600	1,000
Total assets	$2,363,000	$2,620,316

Liabilities and Equity
Accounts payable	$340,000	$372,760
Other current liabilities	57,860	42,980
Mortgages	220,000	246,370
Capital - Brendan McLeod	872,570	979,103
Capital - Duncan Ryan	872,570	979,103
Total liabilities and equity	$2,363,000	$2,620,316

Net income per books is $385,436. 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.