Waldo files his income tax return on a calendar-year basis. He is a principal partner in a partnership using a tax year ending July 31. Waldos share of the partnership's ordinary income was $34,000 for the fiscal year ending July 31 of last year and $92,000 for the fiscal year ending July 31 of the current year. Assume the partnership earned its income evenly throughout the year. How much should Jacob report on his Form 1040 for last year as his share of the partnership's ordinary income