Required information [The following information applies to the questions displayed below.] Aaron, Deanne, and Keon formed the Blue Bell General Partnership at the beginning of the current year. Aaron and Deanne each contributed $142,000, and Keon transferred an acre of undeveloped land to the partnership. The land had a tax basis of $74,800 and was appraised at $212,000. The land was also encumbered with a $74,800 nonrecourse mortgage for which no one was personally liable. All three partners agreed to split profits and losses equally. At the end of the first year, Blue Bell made a $10,200 principal payment on the mortgage. For the first year of operations, the partnership records disclosed the following information: .. Using the information generated in answering parts (a) and (b), prepare Blue Bell's page 1 and Schedule K to be included with its Form 1065 for its first year of operations, along with Schedule K-1 for Deanne. Note: Use 2022 tax rules regardless of year on tax form. Percentages should be rounded to two decimal places. Losses should be entered as negative numbers and input all other values as positive numbers. Form 1065 Page 1. Under penstes of perjury, I dectare that I have examined tha fotum, incuding accompaning schedules and staternents, tand to the best ad my knowedge and befie, it is true, correct, and complele. Declaration of preparer (other than partner or limited liabalty compary member) is based on al insormation of which preparer has any knowiedge. Sign Here Under penaties of perjuy. I declare that I have examined this totuin, inclusing accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than parther or limited lablily compary member) is based an al information of which preparer has any knowlodge. ifk Reduction Act Notice, see separate instructions. Cat. No. 113502 Form 1065(2021) THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL. FORM IISELF. DO NOT USE THSS FORM FOR TAX FILINGS OA FOR ANY PURPOSE OTHER THAN EDUCANONAL. O2021 MCGraW.AiH Education