The TimpRiders LP has operated a motorcycle dealership for a number of years. Lance is the limited partner, Francesca is the general partner, and they share capital and profits equally. Francesca works full-time managing the partnership. Both the partnership and the partners report on a calendar-year basis. At the start of the current year, Lance and Francesca had bases of $10,000 and $3,000, respectively, and the partnership did not carry any debt. During the current year, the partnership reported the following results from operations: Net sales $ 650,000 Cost of goods sold $ 500,000 Operating expenses $ 160,000 Short-term capital loss $ 2,000 Tax-exempt interest $ 2,000 1231 gain $ 6,000 On the last day of the year, the partnership distributed $3,000 each to Lance and Francesca. D. Using the information provided, prepare TimpRiders page 1 and Schedule K to be included with its Form 1065 for the current year. Also, prepare a Schedule K-1 for Lance and Francesca. (Use 2016 tax rules regardless of year on tax form. Percentages should be rounded to two decimal places. Input all the values as positive numbers unless otherwise stated in the form.)