Required information [The following information applies to the questions displayed belowj 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 Year 1 175,000 310,000 (60,000) (85,000) (40,000) (50,000) (15,000) (20,000) (10,000) (15,000) Year 2 Sales revenue Cost of goods sold Salary to owners Jack and Jill Employee wages Depreciation expense Miscellaneous expenses Interest income (related to business) Qualified dividend income Overall net income (7,500) (9,000) 2,000 500 2,500 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 Jack Jill Year 1 Year 2 Year 1 Year 2 Ordinary income