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