1. Phoenix (a partnership) had the following items of income and expense below for the current tax year. For each item, properly classify the item of income and expense as ordinary business income, which is reported on Form 1065, Page 1, or as a separately stated item that is reportable on Form 1065, Schedule K (e.g., fill-in either Ordinary or Separately Stated)

   Sales revenue 700000 fill in the blank 1

   Interest income 5000 fill in the blank 2

   Depreciation expense (8500) fill in the blank 3

   Operating expenses (427000) fill in the blank 4

   Charitable contributions (3000) fill in the blank 5

   How much is Phoenixs total net ordinary income (e.g., 100000)?