! Required information [The following information applies to the questions displayed below.] The partnership agreement of the G&P general partnership states that Gary will receive a guaranteed payment of $15,100, and that Gary and Prudence will share the remaining profits or losses in a 45/55 ratio. For year 1, the G&P partnership reports the following results: Sales revenue $ 89,500 Gain on sale of land ($1231) 7,850 Cost of goods sold (45,700) Depreciation-MACRS (14,400) Employee wages (20,900) Cash charitable contributions (3,700) Municipal bond interest 3,700 Other expenses (4,800) (Negative amounts should be indicated by a minus sign.) a-1. How much ordinary income (loss) is allocated to Gary for the year? a-2. Compute Gary's share of separately stated items to be reported on his year 1 Schedule K-1, including his self-employment income (loss). Complete this question by entering your answers in the tabs below. Req A1 Req A2 How much ordinary income (loss) is allocated to Gary for the year? (Round your intermediate computations to the nearest whole dollar amount.) Ordinary income (loss) Req A1 Reg A2 Compute Gary's share of separately stated items to be reported on his year 1 Schedule K-1, including his self-employment income (loss). (Round your intermediate computations and final answers to the nearest whole dollar amount.) Description Total Amount Allocated to Gary Separately Stated Items on Schedule K-1: b. Compute Gary's share of self-employment income (loss) to be reported on his year 1 Schedule K-1, assuming G&P is a limited partnership and Gary is a limited partner. Self-employment income (loss) c. What do you believe Gary's share of self-employment income (loss) to be reported on his year 1 Schedule K-1 should be, assuming G&P is an LLC and Gary spends 2,000 hours per year working there full time? Self-employment income (loss)