The Pheasant Partnership had the following transactions in the current year: $700,000 Operating income Cost of goods sold Capital gains 400,000 Long-term $20,000 Short-term 10,000 Salaries Guaranteed payments to PartnerA Tax-exempt interest income Rent Dividend from IBM stock investment Utilities Donation to American Red Cross Contribution to governor's reelection campaign 30,000 60,000 20,000 2,000 24,000 3,000 8,000 1,000 500 a. What is Pheasant's ordinary income (or loss)