Part 1 The Valerie Trust is a complex trust. In Year 3, The Valerie Trust had various items of income and expense as indicated below. For each item below, please indicate how much, if any, should be included in the calculation of distributable net income for Year 3. Enter all items as positive numbers Item Amount in DNI 1 Corporate Bond interest received in the amount of $700. 2 Municipal Bond interest received in the amount of $400. A stock that was purchased 2 years ago for $2,100 was sold for $6,100. 3 3 4 Rental income of $4,500. 5 Rental expenses of $1,100. 6 Trustee fee in the amount of $2,000 allocated 70% to principal and 30% to income. PART 2 Please answer the following questions: 1 What is the total DNI in Year 3? Assuming distributions to beneficiaries in Year 3 are $42,000, what is the income distribution deduction? 2