! Required information [The following information applies to the questions displayed below.] Aaron, Deanne, and Keon formed the Blue Bell General Partnership at the beginning of the current year. Aaron and Deanne each contributed $123,000 and Keon transferred an acre of undeveloped land to the partnership. The land had a tax basis of $57,000 and was appraised at $180,000. The land was also encumbered with a $57,000 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 $7,200 principal payment on the mortgage. For the first year of operations, the partnership records disclosed the following information: Sales revenue Cost of goods sold Operating expenses Long-term capital gains. Charitable contributions 1231 gains Municipal bond interest Salary paid as a guaranteed payment to Deanne (not included in expenses) $520,000 470,000 70,000 3,000 600 300 300 3,000 c-2. Using the information generated in answering parts (a) and (b), prepare a Schedule K-1 for Deanne.