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 $143,816, a regular draw to cover estimated tax payments of $22,764, and a year-end distribution of $40,784. 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 $122,642 for the year. Selected portions of Anglers profit and loss statement of 2022 reflect the following debits and credits: Account Debit Credit Gross sales $ 2,146,498 Sales returns and allowances $ 81,567 Cost of goods sold 1,199,892 Dividends received from stock investments in 133,083 less than 20% owned U.S. corporations Interest income State bonds 25,758 Certificates of deposit 15,025 Premiums on term life insurance policies on the lives of Brendan and Duncan; Angler Corporation is the designated beneficiary 17,172 Guaranteed payments 287,631 Salaries-clerical and sales 231,822 Taxes (state, local, and payroll) 30,051 Repairs 15,025 Interest expense 12,879 Donations to DNC 6,439 Advertising 4,293 Rental Expense 23,611 Depreciation 58,491

A comparative balance sheet for Angler Associates reveals the following information: Assets December 31, 2021 December 31, 2022 Cash $480,000 $558,915 Trade notes and accounts receivable 808,200 751,274 Inventories 600,000 590,287 Certificates of Deposit 130,000 130,000 State bonds 170,000 170,000 Buildings and other depreciable assets 240,000 292,453 Accumulated depreciation (88,800) (211,442) Land 20,000 20,000 Other assets 3,600 1,000 Total assets $2,363,000 $2,302,487 Liabilities and Equity Accounts payable $340,000 $193,185 Other current liabilities 57,860 47,223 Mortgages 220,000 156,694 Capital - Brendan McLeod 872,570 952,693 Capital - Duncan Ryan 872,570 952,693 Total liabilities and equity $2,363,000 $2,302,487 Net income per books is $351,491. Prepare a Form 1065 for Angler Associates for tax year 2022. Also attach a Form 1125-A, 1065 Schedule B-1 and Schedule K-1s.