Three friends, Xavier, Yasmin, and Zach formed a General partnership named Tall Tale Books on January 1, 2019. All three partners agreed to split profits and losses equally. Below are the partner's contributions: -Xavier: cash $55,000 -Yasmin: cash $55,000 -Zach: undeveloped land with tax basis of $35,000 and fair market value of $90,000. The land is encumbered with a $35,000 nonrecourse mortgage for which no partner is personally liable. On December 31, 2019, Tall Tale Books, made a $3,500 principal payment on the mortgage. For the first year of operations, the partnership has the following results: Sales revenue Cost of goods sold Operating expenses Long-term capital gains $1231 gains Charitable contributions Municipal bond interest Salary paid as a guaranteed payment to Yasmin (not included in expenses) $235,000 205,000 35,000 1,200 450 150 150 1,500 Requirements Prepare Tall Tale Books 2019 Form 1065 page 1 and 4 (schedule K). Prepare 2019 Schedule K-1 for Yasmin. In Part II of the K-1 you only need to show the partner's name, you do not need to complete the other lines. Three friends, Xavier, Yasmin, and Zach formed a General partnership named Tall Tale Books on January 1, 2019. All three partners agreed to split profits and losses equally. Below are the partner's contributions: -Xavier: cash $55,000 -Yasmin: cash $55,000 -Zach: undeveloped land with tax basis of $35,000 and fair market value of $90,000. The land is encumbered with a $35,000 nonrecourse mortgage for which no partner is personally liable. On December 31, 2019, Tall Tale Books, made a $3,500 principal payment on the mortgage. For the first year of operations, the partnership has the following results: Sales revenue Cost of goods sold Operating expenses Long-term capital gains $1231 gains Charitable contributions Municipal bond interest Salary paid as a guaranteed payment to Yasmin (not included in expenses) $235,000 205,000 35,000 1,200 450 150 150 1,500 Requirements Prepare Tall Tale Books 2019 Form 1065 page 1 and 4 (schedule K). Prepare 2019 Schedule K-1 for Yasmin. In Part II of the K-1 you only need to show the partner's name, you do not need to complete the other lines