Refer to the facts in the preceding problem.
a. Complete Schedule K, Form 1065, for the partnership.
b. Complete Schedule K-1, Form 1065, for Jayanthi?
Information from preceding problem
Sales revenue ................................... $500,000
Selling expenses ................................. 200,000
Depreciation expense ............................. 30,000
Long-term capital gain ............................ 9,000
Nondeductible expenses ......................... 2,000
Partnership debts, beginning of the year ... 100,000
Partnership debts, end of the year .......... 120,000
Partnership distributions
Jayanthi ......................................... 50,000
Krish ............................................ 50,000