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Required information [The following information applies to the questions displayed below.] The partnership agreement of the G\&P general partnership states that Gary will receive a guaranteed payment of $18,500, and that Gary and Prudence will share the remaining profits or losses in a 45/55 ratio. For year 1 , the G\&P partnership reports the following results: equired: -1. How much ordinary income (loss) is allocated to Gary for the year? -2. Compute Gary's share of separately stated items to be reported on his year 1 Schedule K-1, including his self-employment income oss). Complete this question by entering your answers in the tabs below. How much ordinary income (loss) is allocated to Gary for the year? Note: Round your intermediate computations to the nearest whole dollar amount. Compute Gary's share of separately stated items to be reported on his year 1 Schedule K1, including his self-employment income (loss). Note: Round your intermediate computations and final answers to the nearest whole dollar amount. b. Compute Gary's share of self-employment income (loss) to be reported on his year 1 Schedule K-1, assuming G\&P is a limited partnership and Gary is a limited partner. c. What do you believe Gary's share of self-employment income (loss) to be reported on his year 1 Schedule K-1 should be, assuming G\&P is an LLC and Gary spends 2,000 hours per year working there full time

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