Ray, Carol, and Jack are equal partners in the RCJ Partnership, which uses the accrual method of accounting. All three materially participate in the business. RCJ reports financial accounting income of $320,000 for the current year. The partnership used the following information to determine financial accounting income. (Click the icon to view the information.) F Requirement a. What is RCJ's financial accounting income? 12 of 20 (8 complete) Data Table - $ 251,500 34,000 13,000 2,500 22,000 Operating profit (excluding the items listed below) Rental income Interest income: Municipal bonds (tax-exempt) Corporate bonds Dividend income (all from less-than-20%-owned domestic corporations) Gains and losses on property sales: Gain on sale of land held as an investment (contributed by Ray six years ago when its basis was $5,000 and its FMV was $13,000) Long-term capital gains Short-term capital losses Sec. 1231 gain Unrecaptured Sec. 1250 gain Depreciation: 30,000 31,000 8,000 11,000 37,000 Rental real estate 8,000 26.000 Machinery and equipment Interest expense related to: Mortades on rental property 23 000 Print Done 12 of 20 (8 complete) Data Table 13,000 2,500 22,000 Municipal bonds (tax-exempt) Corporate bonds Dividend income (all from less-than-20%-owned domestic corporations) Gains and losses on property sales: Gain on sale of land held as an investment (contributed by Ray six years ago when its basis was $5,000 and its FMV was $13,000) Long-term capital gains Short-term capital losses Sec. 1231 gain Unrecaptured Sec. 1250 gain Depreciation: 30,000 31,000 8,000 11,000 37,000 Rental real estate 8,000 26.000 23,000 Machinery and equipment Interest expense related to: Mortgages on rental property Loans to acquire municipal bonds Guaranteed payments to Ray Low-income housing expenditures qualifying for credit 7,000 40,000 23,000 Print Done Taxable Ordinary Separately Stated Items Income Income Income Operating profit Rental income Interest on municipal bonds Interest on corporate bonds Dividend income Gain on investment land Long-term capital gain Short-term capital loss Sec. 1231 gain Unrecaptured Sec. 1250 gain Expenses Depreciation Interest expense on mortgage Interest expense on municipal bond loan Enter any number in the edit fields and then continue to the next question. orporate bonds Dividend income Gain on investment land Long-term capital gain Short-term capital loss Sec. 1231 gain Unrecaptured Sec. 1250 gain Expenses Depreciation Interest expense on mortgage Interest expense on municipal bond loan Guaranteed payment Low-income housing expenditures TIME Total Enter any number in the edit fields and then continue to the next question. Ray, Carol, and Jack are equal partners in the RCJ Partnership, which uses the accrual method of accounting. All three materially participate in the business. RCJ reports financial accounting income of $320,000 for the current year. The partnership used the following information to determine financial accounting income. (Click the icon to view the information.) F Requirement a. What is RCJ's financial accounting income? 12 of 20 (8 complete) Data Table - $ 251,500 34,000 13,000 2,500 22,000 Operating profit (excluding the items listed below) Rental income Interest income: Municipal bonds (tax-exempt) Corporate bonds Dividend income (all from less-than-20%-owned domestic corporations) Gains and losses on property sales: Gain on sale of land held as an investment (contributed by Ray six years ago when its basis was $5,000 and its FMV was $13,000) Long-term capital gains Short-term capital losses Sec. 1231 gain Unrecaptured Sec. 1250 gain Depreciation: 30,000 31,000 8,000 11,000 37,000 Rental real estate 8,000 26.000 Machinery and equipment Interest expense related to: Mortades on rental property 23 000 Print Done 12 of 20 (8 complete) Data Table 13,000 2,500 22,000 Municipal bonds (tax-exempt) Corporate bonds Dividend income (all from less-than-20%-owned domestic corporations) Gains and losses on property sales: Gain on sale of land held as an investment (contributed by Ray six years ago when its basis was $5,000 and its FMV was $13,000) Long-term capital gains Short-term capital losses Sec. 1231 gain Unrecaptured Sec. 1250 gain Depreciation: 30,000 31,000 8,000 11,000 37,000 Rental real estate 8,000 26.000 23,000 Machinery and equipment Interest expense related to: Mortgages on rental property Loans to acquire municipal bonds Guaranteed payments to Ray Low-income housing expenditures qualifying for credit 7,000 40,000 23,000 Print Done Taxable Ordinary Separately Stated Items Income Income Income Operating profit Rental income Interest on municipal bonds Interest on corporate bonds Dividend income Gain on investment land Long-term capital gain Short-term capital loss Sec. 1231 gain Unrecaptured Sec. 1250 gain Expenses Depreciation Interest expense on mortgage Interest expense on municipal bond loan Enter any number in the edit fields and then continue to the next question. orporate bonds Dividend income Gain on investment land Long-term capital gain Short-term capital loss Sec. 1231 gain Unrecaptured Sec. 1250 gain Expenses Depreciation Interest expense on mortgage Interest expense on municipal bond loan Guaranteed payment Low-income housing expenditures TIME Total Enter any number in the edit fields and then continue to the next