Required information

Problem $11-52$

$[$The following information applies to the questions displayed below.$]$

Julio and Milania are owners of Falcons Corporation, an S corporation. Each owns $50$ percent of Falcons Corporation. In year $1,$ Julio and Milania each received distributions of $$15,000$ from Falcons Corporation.

a$.$ What amount of ordinary income and separately stated items are allocated to them for year $1$ based on the information above? Assume that Falcons Corporation has $$200,000$ of qualified property $($unadjusted basis$).$

b$.$ Complete Falcons's Form $1120-$S$,$ Schedule K$,$ for year $1.$

c$.$ Complete Julio's Form $1120-$S$,$ Schedule K$-1,$ for year $1.$

d$.$ What amount of ordinary income and separately stated items are allocated to them for year $2$ based on the information above? Assume that Falcons Corporation has $$200,000$ of qualified property $($unadjusted basis$).$