Problem 10-20 (Static) [LO 10-4, 10-6] KLMN Partnerships financial records show the following: Gross receipts from sales $ 670,000 Cost of goods sold (460,000 ) Operating expenses (96,800 ) Business meals (6,240 ) Section 1231 loss on equipment sale (13,500 ) Charitable contribution (1,500 ) Distributions to partners (10,000 ) Mr. Ty is a 10 percent general partner in KLMN. During the year, he received a $1,000 cash distribution from KLMN. Required: Compute Mr. Tys share of partnership ordinary income and separately stated items. If Mr. Tys adjusted basis in his KLMN interest was $45,000 at the beginning of the year, compute his adjusted basis at the end of the year. Assume that KLMNs debt did not change during the year. How would your basis computation change if KLMNs debt at the end of the year was $28,000 more than its debt at the beginning of the year?