10-3 Assessment Problems i Saved Help Save & Exit Submit This question will be sent to your instructor for grading. 3 Required information [The following information applies to the questions displayed below.] Part 3 of 3 Jack and Jill are owners of UpAHill, an S Corporation. They own 25 and 75 percent, respectively. UpAHill Corporation (an S Corporation) Income Statement 10 December 31, Year 1 and Year 2 Year 1 Year 2 points Sales revenue $ 175,000 $ 310,000 Cost of goods sold (60, 000 (85, 000) Skipped Salary to owners Jack and Jill (40, 090 (50, 090 Employee wages (15, 000) (20, 090) Depreciation expense (10, 090 15, 090 Miscellaneous expenses (7, 500 000'6) Interest income (related to business) 2,900 2,500 500 1,000 Book Qualified dividend income Overall net income $ 45,000 $ 134, 500 Print c. Complete Jill's 1120-S, Schedule K-1, for year 1. References Visit the IRS website and download Form 1120-S, Schedule K-1. Enter the required values in the appropriate fields. Save your completed Tax Form to your computer and then upload it here by clicking "Browse." Next, click "Save."