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 $16,200, 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 Gain on sale of land ($1231) Cost of goods sold Depreciation-MACRS Employee wages Cash charitable contributions Municipal bond interest Other expenses $ 86,200 $ 8,500 $(35,500) $(15,500) $(17,600) $ (5,500) $ 3,650 $ (3,200) (Negative amounts should be indicated by a minus sign.) 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) 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 $16,200, 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 Gain on sale of land ($1231) Cost of goods sold Depreciation-MACRS Employee wages Cash charitable contributions Municipal bond interest Other expenses $ 86,200 $ 8,500 $(35,500) $(15,500) $(17,600) $ (5,500) $ 3,650 $ (3,200) (Negative amounts should be indicated by a minus sign.) 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)