Required information [The following information applies to the questions displayed below.) The TimpRiders LP has operated a motorcycle dealership for a number of years. Lance is the limited partner, Francesca is the general partner, and they share capital and profits equally. Francesca works full-time managing the partnership. Both the partnership and the partners report on a calendar-year basis. At the start of the current year, Lance and Francesca had bases of $10,000 and $3,000, respectively, and the partnership did not carry any debt. During the current year, the partnership reported the following results from operations: Net sales Cost of goods sold Operating expenses Short-term capital loss Tax-exempt interest $1231 gain $650,000 $500,000 $160,000 $ 2,000 $ 2,000 $ 6,000 On the last day of the year, the partnership distributed $3,000 each to Lance and Francesca. d. Using the information provided, prepare TimpRiders' page 1 and Schedule K to be included with its Form 1065 for the current year. Also, prepare a Schedule K-1 for Lance and Francesca. (Use 2019 tax rules regardless of year on tax form. Percentages should be rounded to two decimal places. Input all the values as positive numbers. Losses should be entered as negative numbers.) Required information [The following information applies to the questions displayed below.) The TimpRiders LP has operated a motorcycle dealership for a number of years. Lance is the limited partner, Francesca is the general partner, and they share capital and profits equally. Francesca works full-time managing the partnership. Both the partnership and the partners report on a calendar-year basis. At the start of the current year, Lance and Francesca had bases of $10,000 and $3,000, respectively, and the partnership did not carry any debt. During the current year, the partnership reported the following results from operations: Net sales Cost of goods sold Operating expenses Short-term capital loss Tax-exempt interest $1231 gain $650,000 $500,000 $160,000 $ 2,000 $ 2,000 $ 6,000 On the last day of the year, the partnership distributed $3,000 each to Lance and Francesca. d. Using the information provided, prepare TimpRiders' page 1 and Schedule K to be included with its Form 1065 for the current year. Also, prepare a Schedule K-1 for Lance and Francesca. (Use 2019 tax rules regardless of year on tax form. Percentages should be rounded to two decimal places. Input all the values as positive numbers. Losses should be entered as negative numbers.)