rtnership Formation & Operation i Saved Problem 20-61 (LO 20-4) (Algo) [The following information applies to the questions displayed below.] The partnership agreement of the G&P general partnership states that Gary will receive a guaranteed payment of $15,800, and that Gary and Prudence will share the remaining profits or losses in a 45/55 ratio. For year 1, the G&P partnership reports the following results: Sales revenue Gain on sale of land (51231) Cost of goods sold Depreciation-MACRS Employee wagen Cash charitable contributions Municipal bond interest Other expenses $ 86,700 8,100 (42,700) (10,200) (20,300) (3,900) 3,900 (5,400) (Negative amounts should be indicated by a minus sign.) Problem 20-61 Part a (Algo) a-1. How much ordinary income (loss) is allocated to Gary for the year? a-2. Compute Gary's share of separately stated items to be reported on his year 1 Schedule K-1, including his self-employment income (loss). Complete this question by entering your answers in the tabs below. Req A1 Req A2 How much ordinary income (loss) is allocated to Gary for the year? (Round your intermediate computations to the nearest whole dollar amount.) < Prev 18 19 20 of 27 Next >