operty transferred by Guy and Alma >>. LO.9 The Pheasant Partnership reported the following items in the current year. Operating Income Cost of goods sold Capital gains Long-term Short-term Salaries Guaranteed payments to Partner A Tax-exempt interest income Rent Dividend from IBM stock investment Utilities Donation to American Red Cross Contribution to governor's reelection campaign a. b. What is Pheasant's ordinary income (or loss)? What are Pheasant's separately stated item? $700,000 400,000 $20,000 10,000 30,000 60,000 20,000 2,000 24,000 3,000 8,000 1,000 500