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 UPAHINI Corporation (ans Corporation) Income Statement December 31, Year 1 and Year 2 Year 1 Year 2 Soles revenue $175,000 $ 310,000 Cost of goods sold (60,000) (85.000) Salary to owners Jack and Jill (40,000) (50,000 Employee wages (15,000 (20.00) Depreciation expense (10,000) (15,000) Miscellaneous expenses (7,500) (2.000) Interest incont (related to business) 2,000 2,500 Qualified dividend income 500 1.000 Overall net income 5.45,000 $ 134,500 o. 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. 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 Jack Jill Year 1 Year 2 Year 1 Year 2 Ordinary income Allocated wages Unadjusted basis of qualified property