PLEASE HELL ASAP!

Aaron, Deanne, and Keon formed the Blue Bell General Partnership at the beginning of the current year. Aaron and Deanne each contributed $126,000, and Keon transferred an acre of undeveloped land to the partnership. The land had a tax basis of $72,400 and was appraised at $196,000. The land was also encumbered with a $72,400 nonrecourse mortgage for which no one was personally liable. All three partners agreed to split profits and losses equally. At the end of the first year, Blue Bell made a $8,600 principal payment on the mortgage. For the first year of operations, the partnership records disclosed the following information: Using the information generated in answering parts (a) and (b), prepare Blue Bell's page 1 and Schedule K to be included with its Form 1065 for its first year of operations, along with Schedule K-1 for Deanne. Note: Use 2022 tax rules regardless of year on tax form. Percentages should be rounded to two decimal places. Losses should be entered as negative numbers and input all other values as positive numbers. Prepare Form 1065. Aaron, Deanne, and Keon formed the Blue Bell General Partnership at the beginning of the current year. Aaron and Deanne each contributed $126,000, and Keon transferred an acre of undeveloped land to the partnership. The land had a tax basis of $72,400 and was appraised at $196,000. The land was also encumbered with a $72,400 nonrecourse mortgage for which no one was personally liable. All three partners agreed to split profits and losses equally. At the end of the first year, Blue Bell made a $8,600 principal payment on the mortgage. For the first year of operations, the partnership records disclosed the following information: Using the information generated in answering parts (a) and (b), prepare Blue Bell's page 1 and Schedule K to be included with its Form 1065 for its first year of operations, along with Schedule K-1 for Deanne. Note: Use 2022 tax rules regardless of year on tax form. Percentages should be rounded to two decimal places. Losses should be entered as negative numbers and input all other values as positive numbers. Prepare Form 1065