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The partnership agreement of the G&P general partnership states that Gary will receive a guaranteed...

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Accounting

The partnership agreement of the G&P general partnership states that Gary will receive a guaranteed payment of $18,700,
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:
Required:
a-1. How much ordinary income (loss) is allocated to Gary for the year?
a-2. Compute Gary's share of separately stated items to be reported on his year 1 Schedule K-1, including his self-employment income
(loss).
Complete this question by entering your answers in the tabs below.
Required A1
Required A2
How much ordinary income (loss) is allocated to Gary for the year?
Note: Round your intermediate computations to the nearest whole dollar amount.
$540 is not correct
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