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pleas help!! i need to know if i shoukd debit or credit these and i so not know hoe to. i only need to fill
pleas help!! i need to know if i shoukd debit or credit these and i so not know hoe to. i only need to fill in the orange spots. Blue Bell General Partnership Book-Tax Reconciliation For Year Ended December 31st Description Sales: Cost of goods sold Gross protit Other income: Interest income (munl bonds) Long-term capital gains Section 1231 gains Gross income Expensest Operatirg expenses Guaranteed y ret Charitabie con. tiom Total Expenses Net income Bock inceme 5(9,700) Other Schedule X info flines 14.20 Net selfenployment eamincW(loss) Tax exempt income Section 199A (c)! income/tos) Comprehensive Problem 20-80 (LO 20-1, LO 20-2, LO 20-3, LO 20-4, LO 20-5, LO 20-6) (Static) [The following information applies to the questions displayed below.] Aaron, Deanne, and Keon formed the Blue Bell General Partnership at the beginning of the current year. Aaron and Deanne each contributed $110,000 and Keon transferred an acre of undeveloped land to the partnership. The land had tax basis of $70,000 and was appraised at $180,000. The land was also encumbered with a $70,000 nonrecourse mortgage for which no one was personally liable. All three partners agreed to split profits and losses equally. At the end the first year, Blue Bell made a $7,000 principal payment on the mortgage. For the first year of operations, the partnerst records disclosed the following information
pleas help!! i need to know if i shoukd debit or credit these and i so not know hoe to. i only need to fill in the orange spots.
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