Required information [The following information applies to the questions displayed below.] Jack and Jill are owners of UPAHill, an S Corporation. They own 25 and 75 percent, respectively. UpAHill Corporation (an S Corporation) Income Statement December 31, Year 1 and Year 2 Sales revenue Year 1 $ 175,000 Year 2 $ 310,000 Cost of goods sold Salary to owners Jack and Jill Employee wages Depreciation expense Miscellaneous expenses Interest income (related to business) (60,000) (85,000) (40,000) (50,000) (15,000) (20,000) (10,000) (15,000) (7,500) (9,000) 2,000 2,500 Qualified dividend income Overall net income 500 1,000 $ 45,000 $ 134,500 a. What amount of ordinary income and separately stated items are allocated to them for years 1 and 2 based on the information above? Assume that UpAHill Corporation has $100,000 of qualified property (unadjusted basis) in both years. * Answer is complete but not entirely correct. Jack Jill Ordinary income Year 1 $ 11,125 Year 2 Year 1 Year 2 $ 33,375 $ 33,375 $ 100,125 Qualified business income $ 11,125 $ Dividend income S 125 $ 33,3750 $ 33,375 250 $ 375 $ 100,1250 Allocated wages $ 0 S 0 S 0 S Unadjusted basis of qualified property S 0 0 S 0 SSSSS 750 0 0