Problem 10 39 (LO 6, 7, 8, 9, 12) The KL Partnership is owned equally by Kayla and Lisa At the beginning of the year, Kayla's tax basis in her KL interest is $20,000 and Lisa's tax basis is $16,000 Partnership debt did not change from the beginning to the end of the tax year KL reported the following income and expenses for the current tax year Assume total assets are $680,400 a Complete whether the following items are reported on Form 1065, page 1 or on Form 1065, Page 4, Schedule K How much is the partnership's ordinary income on page 1 X

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Problem 10 39 (LO  6, 7, 8, 9, 12) The KL Partnership is owned equally by Kayla and Lisa  At the beginning of the year, Kayla's tax basis in her KL interest is $20,000 and Lisa's tax basis is $16,000  Partnership debt did not change from the beginning to the end of the tax year  KL reported the following income and expenses for the current tax year  Assume total assets are $680,400  a  Complete whether the following items are reported on Form 1065, page 1 or on Form 1065, Page 4, Schedule K  How much is the partnership's ordinary income on page 1   X

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Problem 10-39 (LO. 6, 7, 8, 9, 12) The KL Partnership is owned equally by Kayla and Lisa. At the beginning of the year, Kayla's

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