The XYZ partnership reports the following items during 2015:

Sales $400,000

Costs of goods sold $120,000

Dividends-all qualified $6,000

Interest income on certificate of deposit held as an investment $ 2,000

Tax-exempt interest $1,500

Salaries to employees $130,000

Federal employment taxes $9,000

Rental expense $ 5,000

Guaranteed payments to partners $40,000

Net long-term capital gain $12,000

Net short-term capital loss $5,000

Repairs $3,000

MACRS depreciation $10,000

Section 1231 losses $ 8,000

Charitable contributions $3,500

Amortization of organizational expenditures $1,000

Research and experimentation credit $ 2,500

Cash distributions to partners $20,000

Calculate ordinary income (0r loss ) by completing page 1 of Form 1065, and complete schedule K (Partners Shares of Income, Credits, Deductions, etc) Leave spaces blank on Form 1065 if information is not provided.