-The partnership received $1,000 prepayment of rent for next year but has not recorded it as income for financial accounting purposes.

-The partnership recorded the land for financial accounting purposes at $15,000.

-MACRS depreciation on the rental real estate and machinery and equipment were $12,000 and $29,000, respectively, in the current year.

-MACRS depreciation on the rental real estate includes depreciation on the low-income housing expenditures.

Can you please include formulas as to how you calculated answers so I can better understand? Thank you. Much appreciated!

Jim. Liz, and Keith are equal partners in the JLK Partnership, which uses the accrual method of accounting All three materially participate in the business. JLK reports financial accounting income of $185,000 for the current year. The partnership used the folowing information to desermine financiat accounting income. Requirement a. What is slK's financial accounting income? JLK's financial accounteng income is Requirements b,c, and d. What is JLK's partnership taxabie income? What is JLK's ordinary income (loss)? What are JLKs separately stated nems? 3egin by defermining the partnership's taxable income, then ordinary income flossh and tnaty separasely thated items. (if a box is not used in the table leave the box empty, do not enser a zero. Use parentheses of a nifus ainh tof inke and exrenca amnumet